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Shares of Hindustan Aeronautics (NS:HIAE) Limited rose on Monday after getting the “Maharatna” status.
What Happened: HAL was awarded “Maharatna” status by the Department of Public Enterprises after securing permission from Finance Minister Nirmala Sitharaman on Saturday.
HAL became the 14th central public sector enterprise (CPSE) to get the status. To be eligible for the Maharatna status, a company needs to meet financial requirements such as ₹25,000 crore average turnover, ₹15,000 crore average annual net worth and ₹5000 crore annual net profit in the last three years.
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