HAL rises over 3% in two days

Hindustan Aeronautics (HAL) rose 1.03% to Rs 800.10, extending gains for second day.

The stock has added 3.57% in two sessions from its recent closing low of Rs 771.75 on 23 November 2020.

On the technical front, the stock is currently trading above its 50-day and 200-day simple moving averages (SMA) placed at 756.16 & 743.48, respectively. However, the scrip is trading below its 100-day SMA placed at 869.18.

The scrip's RSI (relative strength index) stood at 65.577. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

HAL, in a regulatory filing made post trading hours yesterday, said that workmen unions at Bengaluru based divisions and Koraput division of the company have given notice of nationwide general strike on 26 November, 2020 against the policies and legislations of the government.

"However, the unions have been communicated that the proposed strike call is unwarranted & unjustified and will hardly serve any meaningful purpose and had requested them to call-off their proposed strike, it added.

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 30 September 2020, the Government held 75.15% stake in the company.

The company's consolidated net profit fell 1% to Rs 615.19 crore on 40.7% jump in net sales to Rs 4,853.60 crore in Q2 September 2020 over Q2 September 2019.

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