HAL shares in focus as defence PSU denies report of stalled GE414 engine deal
Hindustan Aeronautics (HAL) shares will be in focus on Thursday after the company refuted a media report claiming that its negotiations with General Electric (GE) for the local production of GE414 engines had stalled. The state-run aerospace and defence firm called the report 'factually incorrect and misleading.'
ADVERTISEMENT 'An online article has inaccurately reported that negotiations between HAL and GE for the local production of GE414 engines have stalled, suggesting HAL is now in talks with another engine manufacturer,' the company said in a statement.
'HAL would like to clarify that this report is factually incorrect and misleading.'
HAL reaffirmed that discussions with GE are on track and progressing well, and confirmed it is not in talks with any other company regarding engines for the Light Combat Aircraft (LCA) Mk2.'Any information suggesting otherwise is incorrect,' it added.
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ADVERTISEMENT In June 2023, HAL and GE Aerospace signed a Memorandum of Understanding (MoU) for the production of fighter jet engines in India, as part of the Indian Air Force's LCA Mk2 programme. The agreement, signed during Prime Minister Narendra Modi's official visit to the United States, was regarded as a key milestone in strengthening India–US defence cooperation.The MoU includes the potential joint production of GE's F414 engines in India.
ADVERTISEMENT GE Aerospace has been active in India for over four decades, with a broad presence across engines, avionics, services, engineering, manufacturing, and local sourcing. Its operations include the John F. Welch Technology Centre in Bengaluru (opened in 2000) and the Multi-modal Factory in Pune (opened in 2015).
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ADVERTISEMENT According to Trendlyne, the average target price for HAL is Rs 5,585, indicating a potential upside of 13% from current levels. Among the 18 analysts tracking the stock, the consensus recommendation is 'Buy'.On Wednesday, HAL shares closed 0.47% lower at Rs 4,959.7 on the BSE, even as the benchmark Sensex rose 0.32%. The stock has gained 50% over the past three months and surged 213% over the last two years. HAL's market capitalisation currently stands at Rs 3,31,695 crore.
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