Hindustan Aeronautics (HAL) rose 1.67% to Rs 969.60 after the company said it signed an MoU with Rolls-Royce to establish packaging, installation, marketing and services support for Rolls-Royce MT30 marine engines in India.
Through this MoU, Rolls-Royce and HAL will expand their long-standing partnership in India and work together in the area of marine applications for the first time. MT30 is a naval gas turbine currently in-service with naval programs worldwide in various propulsion arrangements across seven ship types.
R Madhavan, CMD, HAL said, “Rolls-Royce has been our valued partner for several decades. We now look forward to working together to explore business opportunities in marine applications. This partnership will leverage the rich experience of HAL’s ‘MGT Division that works on marine gas turbines with Indian shipyards. Further, we are also exploring the option of using MT7 marine engine on the hovercraft being planned by the shipyards in India.”
On a consolidated basis, HAL reported 85.3% jump in net profit to Rs 853.46 crore on 21.8% rise in net sales to Rs 5,425.46 crore in Q3 FY21 over Q3 FY20.