New Delhi: The Hindustan Aeronautics (HAL) shares hit an all-time high of Rs 3,652 on the BSE on April 12, following the Defence Ministry's tender for the purchase of 97 made-in-India 97 LCA Mark 1A fighter jets, valued at over Rs 65,000 crore. 

This is the largest order for indigenous military hardware ever placed by the Indian government. The programme will help the Indian Air Force replace its fleet of MiG-21s, MiG-23s, and MiG-27s, which have been phased out or are set to be phased out shortly. 

The indigenous fighter aircraft programme, fully backed by the Defence Ministry and Air Headquarters, is set to promote indigenisation and give major business to small and medium enterprises engaged in defence business across the country. 

Prime Minister Narendra Modi has been pushing for the revival of HAL, which has bagged orders for building all types of indigenous fighter aircraft and helicopters under his government. 

The decision to acquire 97 more LCA Mark 1A fighter jets came around after the Air Force Chief held a review meeting of the indigenous fighter jet programme with all entities involved, including Hindustan Aeronautics Limited.

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