HAL, L&T gain up to 3% as government inks contracts worth Rs 9,900 crore
Published On: Wednesday, March 8, 2023 | By: Team KnowMyStock
Shares of Larsen & Toubro Limited (L&T) and Hindustan Aeronautics Limited (HAL) were up more than 3 per cent each on March 8 after the Ministry of Defence, on Tuesday signed contracts worth Rs 9,900 crore with these companies for procurement of 70 HTT-40 basic trainer aircraft & three cadet training ships respectively. “Ministry of Defence, on March 07, 2023, signed contracts with Hindustan Aeronautics Limited (HAL) and Larsen & Toubro Limited (L&T) for procurement of 70 HTT-40 Basic Trainer Aircraft & three Cadet Training Ships respectively in the presence of Raksha Mantri Shri Rajnath Singh in New Delhi. Defence Secretary Shri Giridhar Aramane along with other senior civil & military officials of MoD and representatives of HAL & L&T were present during the signing and exchanging of contracts," HAL said in an exchange filing.
The Cabinet Committee on Security, headed by Prime Minister Narendra Modi, had on March 1 cleared the two deals, according to which the basic trainers will cost ₹6,838 crore and the cadet training ships for ₹3,100 crores.
“The procurement has the potential to provide direct and indirect employment to thousands of people spread over more than 100 MSMEs,” the defence ministry said.
The HTT-40 is a turboprop aircraft possessing good low-speed handling qualities and providing better training effectiveness. This fully aerobatic tandem seat turbo trainer has an air-conditioned cockpit, modem avionics, hot re-fueling, running changeover, and zero-zero ejection seats. The new trainer aircraft will provide a fillip to the initial training of air force pilots. Basic trainers figure on the long list of weapons and systems that India has imposed an import ban on for the last 30 months
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