The stock of Hindustan Aeronautics Limited (HAL) rose 3% intraday on April 11 to a 52-week high of Rs 1,669 after it was recognised as the lowest bidder to manufacture five Polar Space Launch Vehicles (PSLVs) for the Indian Space Research Organisation (ISRO).

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“Hindustan Aeronautics and L&T consortium has emerged as L1 to make five Polar Space Launch Vehicles (PSLVs) for ISRO,” the company said in its release.

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HAL is the major partner, with L&T contributing equally to the project. Other vendors will participate in the consortium’s launch vehicle manufacturing as well. The deal, however, has yet to be formalised or awarded.

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The company reported a total income of Rs 6088.66 crore during the quarter ended December 31, 2021, as compared to Rs 5688.54 crore during the quarter ended September 30, 2021.

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The net profit stood at Rs 933.40 crore for the quarter ended December 31, 2021, as against a net profit of Rs 846.76 crore for the quarter ended September 30, 2021.

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The company reported an EPS of Rs 27.91 for the quarter ended December 31, 2021, as compared to Rs 25.32 for the quarter ended September 30, 2021.

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HAL designs, manufactures, repairs, overhauls, upgrades, and services a wide range of aircraft, helicopters, aero-engines, avionics, and aerospace structures. The company was set up to fulfil the aerospace objectives of the Indian Air Force,  Navy,  Army and Coast Guard.