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HAL rises after CARE upgrades credit rating to 'AAA'

Capital Market 

Hindustan Aeronautics (HAL) gained 1.98% to Rs 1428.05 after CARE Ratings revised the long-term rating on the bank facilities of the company worth Rs 12,050 crore to 'CARE AAA' from 'CARE AA+', while maintaining 'stable' outlook on the same.

The credit ratings agency has kept the short term rating on the bank facilities of HAL unchanged, at 'CARE A1+'.

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 June 2021, the Government of India held 75.15% stake in HAL.

On a consolidated basis, HAL posted a 31% rise in net profit to Rs 194.71 crore on a 7% decline in net sales to Rs 1,615 crore in Q1 FY22 over Q1 FY21.

On a year-to-date (YTD) basis, the stock has jumped 68.77% while the benchmark Sensex has added 23.93% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 16 2021. 14:48 IST