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Government sources with knowledge of the matter told CNBC-TV18 that HAL may be upgraded to a “Maharatna” category PSU by the end of the year.
HAL is currently a “Navratna” PSU.
Oil India is the last company to have been accorded the “Maharatna” status by the government, when it was given this status in August last year.
India currently has 13 “Maharatna” PSUs like BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, Oil India, REC and PFC.
As a Maharatna status PSU, a company is able to invest up to 15% of their net worth in a project without government approval. They can also make foreign investments worth up to ₹5,000 crore without government approval.
A Maharatna PSU can also undertake merger and acquisitions in India and abroad. They can also offer competitive financing in their sector.
Shares of Hindustan Aeronautics are currently off the day’s high, trading at the flat line at ₹4,649. The stock has currently declined by 18% from its all-time high of ₹5,674, which it had hit in July.
Despite this correction, the stock has risen 65% so far in 2024.
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