HAL Board To Discuss Stock Split On 27 June

In a significant development, the Board of Hindustan Aeronautics (HAL) will be meeting on 27 June 27 to consider and approve a proposal to split its equity shares. 

According to a filing by the company, "A meeting of the Board of Directors of the company will be held on June 27, to consider a proposal of sub-division of equity shares of the company." 

In order to primarily support the Indian defence programme, HAL designs, develops, manufactures, repairs, and overhauls aeroplanes, helicopters, engines, and related systems like avionics, instrumentation, and accessories. The Government of India owns 75.15 per cent of the business as of 31 March, 2023.

Shares of HAL hit a 52-week high recently after gaining nearly 14 per cent in the past five days. So far this year, the stock is up about 39 per cent. 

Foreign institutional investors keep buying HAL since they have steadily raised their holdings over the past four quarters. At the end of the March quarter, FIIs collectively owned 9.07 per cent of the company.

HAL's consolidated net profit fell 9 per cent to Rs 2,831.18 crore on 8 per cent increase in revenue from operations to Rs 12,494.67 crore in Q4 FY23 over Q4 FY22.