Analysts see up to 96% upside in HAL stock despite Russia overhang

The dependence on Russian spares can potentially impact Rs 4,000-4,200 crore worth of RoH revenues for Hindustan Aeronautics (HAL)

Shares of Hindustan Aeronautics Limited (HAL) have held their ground on the bourses ever since the war broke out between Russia and Ukraine in eastern Europe. While the S&P BSE Sensex has dropped 4.5 per cent on the BSE since February 24, shares of the state-owned defence company have advanced about 2 per cent, data shows. On Thursday, the stock zoomed 4.2 per cent in intra-day trade on the BSE as against a 2 per cent gain in the Sensex. 

This is despite HAL having import dependence on Russia for various spare part supplies. According to the company, the dependence on