HFCL HFCL shares zoom 5% on deal to develop and supply critical sub-systems to General Atomics ASI
New Delhi/IBNS: HFCL Limited shares surged by 5 percent to reach Rs 171, marking a new 52-week high in morning trade on Monday (Sept. 23), following the announcement of a strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI).
In the early trade on Monday, shares of HFCL were trading at Rs 168, up 4 percent on the NSE.
Since the start of the year, HFCL's stock has rallied by 100 percent, according to reports.
Under the partnership, HFCL will develop and supply critical sub-systems for GA-ASI's cutting-edge unmanned aircraft systems (UAS), solidifying HFCL's role in the production of advanced unmanned aerial vehicles globally, reports said.
The company is working on a key radar sub-system for UAVs, which is designed to be compact, lightweight, and meet rigorous MIL-STD and environmental standards.
These advanced radar and RF solutions are being developed by HFCL's subsidiary, Raddef, which is also working on an innovative drone detection radar.
In addition to this, HFCL is engaged in various R&D projects, including ground surveillance radars, weather radars, threat emulators, and passive radar systems.
"Our collaboration with General Atomics strengthens HFCL’s standing in global defence and highlights our dedication to modernizing India’s defence capabilities," Managing Director Mahendra Nahata was quoted as saying by Moneycontrol.
In a regulatory filing on Sunday (Sept. 22), the company stated, "This landmark alliance with General Atomics not only elevates HFCL’s standing in the global defence industry but also strengthens its commitment to delivering technology solutions that help nations safeguard and support their strategic goals."
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