Hindustan Aeronautics clarifies on ‘insider-trading’ report; stock up

HAL share price: The counter was trading higher than the 5-day, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs) but lower than the 10-day SMA. The counter’s 14-day relative strength index (RSI) came at 56.46. A level below 30 is defined as oversold while a value above 70 is considered overbought.

HAL share price: The company’s stock has a price-to-equity (P/E) ratio of 41.78 against a price-to-book (P/B) value of 10.93.

Hindustan Aeronautics Ltd (HAL) on Monday issued a clarification over a news report titled “Sebi trolled! Man investigated for HAL insider-trading abuses regulator, attracts Rs 20-lakh fine.”

The defence PSU said that it had already conveyed to Sebi on March 12, 2024, that no connection could be found between HAL, its designated persons and Rajat Mishra.

“With reference to news item “Sebi trolled! Man investigated for HAL insider-trading abuses regulator, attracts Rs 20-lakh fine” appeared on moneycontrol.com and other mainstream media, the Company had already conveyed to SEBI on 12th March, 2024 that, based on the information available with the Company, no connection could be found between the company, its designated persons and Mr. Rajat Mishra,” the company stated.

The market regulator, through an order dated June 7, fined Mishra Rs 20 lakh for hampering its investigation, and for showing a “complete disregard”.

Sebi had sent a showcause notice to Mishra, asking him why an inquiry should not be held and penalty not be imposed, after seeing suspicious trading activity. Mishra apparently profited from unpublished price sensitive information (UPSI) on a stock split.

On the stock-specific front, HAL’s stock was up 1.27 today at Rs 4,805.55. At this price, the counter has gained 69.99 per cent in 2024 so far.

Around 1.70 lakh shares were last seen changing hands on BSE. The figure was lower than the two-week average volume of 4.35 lakh shares. Turnover on the counter came at Rs 81.84 crore, commanding a market capitalisation (m-cap) of Rs 3,21,383.17 crore.

The counter was trading higher than the 5-day, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs) but lower than the 10-day SMA. The counter’s 14-day relative strength index (RSI) came at 56.46. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company’s stock has a price-to-equity (P/E) ratio of 41.78 against a price-to-book (P/B) value of 10.93. Earnings per share (EPS) stood at 113.57 with a return on equity of 26.15.

As of March 2024, the government owned a 71.64 per cent stake in HAL. 

Disclaimer: rojgarlive Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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