Hindustan Aeronautics Ltd (HAL), which had closed yesterday at Rs.1938.45, opened higher today at Rs.1960 and went on to hit a new high at Rs.2034.35.

The market reacted positively to its wining of a contract worth over US$100 million from Honeywell for supply and manufacture of 88 TPE331-12B engines/kits along with maintenance and support services to power the Hindustan Trainer Aircraft (HTT-40).

'Manufacturing & Repair license agreement for Honeywell TPE331-12B Turboprop engine' marks a major milestone in the execution of 70 HTT-40 aircraft contract with IAF.

HAL is working closely with Honeywell for its support for export potential of HTT-40.

HAL and Honeywell are exploring other areas such as 1MW Turbo Generators, manufacturing, Repair & Overhaul of TPE 331-10GP / 12JR engines for variants of Dornier.