Hindustan Aeronautics (HAL) rose 1.82% to Rs 2332.70 after the company said it signed an MoU for establishing an office in Kuala Lumpur, Malaysia.
HAL said the office in Malaysia will help the company in tapping the new business opportunities for Fighter Lead-in Trainer (FLIT) Light Combat Aircraft (LCA) and other requirements of Royal Malaysian Air Force (RMAF) like Su-30 MKM and Hawk upgrades.HAL said it had submitted a proposal to Ministry of Defence (MINDEF), Malaysia during October 2021 for supply of 18 FLIT LCAs against a global tender issued by RMAF. The final winner of the tender is expected to be declared soon by Malaysian authorities. LCA Tejas stands a fair chance of selection in the bid as it meets all the parameters sought by RMAF, HAL said.
Further, being one of the largest producer of Russian origin Su-30 aircraft. HAL has capabilities to extend the required support to RMAF for Su-30 MKM fleet which is facing low serviceability issues due to ongoing Russia-Ukraine crisis. HAL can support RMAF for upgrading their Hawk fleet as wcll. Other HAL platforms like HTT-40, Do228, Advanced Light Helicopter (ALH), Light Combat Helicopter (LCH) etc., have the potential to be inducted by RMAF in future.
HAL said its office in Kuala Lumpur will take up market promotion of HAL's range of products and services not only in Malaysia but in the entire South Fast Asia. The office will also contribute in increasing serviceability of existing platforms being operated by RMAF and for neighbouring Air Forces in the region, it said.
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. The Government of India held 75.15% stake in company.
On a consolidated basis, net profit of HAL rose 218.49% to Rs 620.14 crore on 124.19% rise in net sales to Rs 3622.46 crore in Q1 June 2022 over Q1 June 2021.
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