HAL hits record high; rises 21% in six days

Hindustan Aeronautics surged 4.01% to Rs 1,828.25 extending its winning run to sixth consecutive trading session after announcing robust Q4 results.

Shares of Hindustan Aeronautics (HAL) jumped nearly 21% in six trading sessions from its previous closing low of Rs 1,511.35 posted on 13 May 2022. The stock has zoomed nearly 84% from its 52-week low of Rs 995 recorded on 23 June 2021. The company hit an all time high of Rs 1,850 in intraday today on the BSE.

In last one month, the counter has jumped nearly 9% outperforming the benchmark Nifty 50 index which slipped 5.57% in the same period.

Meanwhile the defense company on 13 May reported robust Q4 numbers. The company's consolidated net profit jumped 90.8% to Rs 3,105.17 crore on a 6.4% rise in net sales to Rs 11,561.13 crore in Q4 FY22 over Q4 FY21.

Consolidated profit before tax increased by 18.6% to Rs 2,576.97 crore in Q4 FY22 as against Rs 2,173.37 crore in Q4 FY21. Total expenditure rose 11.1% year-on-year to Rs 9,061.30 crore during the period under preview.

The company's consolidated net profit grew by 56.6% to Rs 5,080.04 crore on 7.6% increase in net sales to Rs 24,620.02 for the financial year ended 31 March 2022 over the year financial year ended 31 March 2021.

On the technical front, the stock's RSI (relative strength index) stood at 75.020. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50,100 and 200 days simple moving average placed at 1,555.57, 1,448.98 and 1377.02 respectively. These levels will act as crucial support zones in near term.

HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. As of 31 March 2022, the Government of India held 75.15% stake in the company.

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