New Delhi: Hindustan Aeronautics Ltd (HAL) on Tuesday said negotiations with Pawan Hans Ltd for the supply of 10 Dhruv NG helicopters are currently in progress and that no binding contract has been signed so far, responding to a media report on the proposed deal.
In a clarification to stock exchanges, HAL said the contract is still under discussion and will be disclosed in accordance with SEBI (LODR) Regulations, 2015, once the terms and conditions are finalised and the agreement is executed. “Since the contract is yet to be signed, the same shall be disclosed upon signing of the contract,” the company said.
The clarification follows a report suggesting that Pawan Hans was set to procure 10 Made-in-India Dhruv NG helicopters from HAL, which had triggered investor interest in defence PSU stocks.
Addressing queries on stock price movement, HAL said it is not aware of any undisclosed information that could explain trading activity in its shares. The company added that the recent rally in its stock was part of a broader surge in defence PSU counters, many of which rose over 5% during the session, and that the reported development had no significant impact on its share price.
HAL’s clarification underscores the regulatory requirement for listed companies to disclose only material and concluded developments, especially in defence contracts that are subject to prolonged negotiations and approvals.