Shares of Hindustan Aeronautics Ltd. surged nearly 8% to a record high on Wednesday, a day ahead of the Avionics Expo 2023.
HAL will be demonstrating its contribution towards achieving self-reliance in avionics. It will unveil a comprehensive range of avionics products, which it designed and developed, at the expo in New Delhi, according to a PTI report.
HAL's stock rose as much as 7.88% during the day to Rs 2,754 apiece on the NSE. It pared gains to trade 5.76% higher at Rs 2,700 apiece compared to a 0.43% advance in the benchmark Nifty 50 as of 2.23 p.m.
It has risen 113.18% on a year-to-date basis. The total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 90.96, which implied the share was overbought.
Twelve out of 13 analysts tracking HAL have a 'buy' rating on the stock, while one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 10.5%.
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