HAL soars over 5%

Hindustan Aeronautics Ltd (HAL) is doing pretty well today morning. The stock has been gaining for the last 5 days and has risen 12.45% in the period and today, it touched an intraday high of Rs.744, going up almost 5.5%. Its 52-week high is at Rs.1095.

The company posted a good set of numbers for Q4FY19 with net profit for the quarter showing a 13% (YoY) increase at Rs.1177 crore on a 11% rise in revenue at Rs.10,045 crore.

Its EBITDA was up 15% at Rs.2493 crore while margins showed a small jump from 23.8% to 24.8%.

The company’s provisions were up 32% at Rs.759 crore.

The market has not paid much attention to the news of a new fraud unearthed. The management has noticed a fraud involving misappropriation of funds by a company personnel, colluding with 6 contractors. The company has provided for Rs.19 crore as fraudulent payments made to contractors from December 2013 to September 2018. The company says the matter is under investigation by the CBI.