HAL stocks soar by 4 percent after whopping dividend

Source : Sify
Author : Finance Desk
Last Updated: Mon, Mar 16th, 2020, 18:32:33hrs

Bengaluru: Stocks of aerospace major, Hindustan Aeronautics Ltd (HAL) on Monday soared to an intra-day high of 578 per share and settled to 558.70 during the trading session.  

The stocks moved after the company declared an interim dividend of Rs 33.25 per share of Rs 10 face value for fiscal 2019-20 (333 per cent).

"The interim dividend of Rs 33.25 (332.50 per cent) for the fiscal ending March 31, 2020 was declared at our board meeting held here," HAL said in a statement here.

The Central government is the owner of the company with a majority equity stake.

HAL is the country's sole manufacturer of military aircraft, including fighters, multi-utility helicopters, transport and trainers for the Indian armed forces.

The government two weeks ago had invited three domestic firms to divest a 15 percent stake in HAL. At the moment, the government's stake in HAL stands at 89.97 percent.