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General Electric (GE), HAL Sign MOU to Make Jet Engines for IAF
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General Electric Company (GE - Free Report) unit, GE Aerospace has signed a Memorandum of Understanding (MOU) with Hindustan Aeronautics Limited (HAL) to make F414 fighter jet engines for the Indian Air Force (IAF). The MOU will boost defense cooperation between India and the U.S.
GE Aerospace produces and provides services for jet engines, components and systems for commercial and military businesses. The GE unit and its partners have jointly sold more than 40,000 commercial and 26,000 military aircraft engines. So far, it has delivered more than 1,600 F414 engines worldwide. The unit has been active in India for over 40 years and serves industries like engines, services, avionics, engineering, manufacturing and local sourcing.
GE began working with HAL and the Aeronautical Development Agency in 1986 to aid the development of India’s light combat aircraft with F404 engines. In due course, GE has supported the development and production programs of Light Combat Aircraft (LCA) Mk1 and LCA Mk2 programs with its F404 and F414 engines. The LCA program was established in 1983 by the Indian Government to develop a new light combat aircraft to replace the old IAF fighter jets. General Electric has already delivered 75 F404 engines and another 99 engines are yet to be delivered under the LCA Mk1A program. As part of an ongoing development program for LCA Mk2, GE has delivered eight F414 engines.
Per the deal, GE and HAL will co-produce GE Aerospace’s F414 engines in India and the engines will be used to power Tejas Light Combat Aircraft Mk2. General Electric is currently working with the U.S. government to obtain the required export authorization documents. GE’s F414 engines will offer economic and national security benefits to both the countries.
The collaboration between the two companies will also promote GE’s prior commitment to manufacturing 99 engines for the Indian Air Force which is a part of the LCA Mk2 program. It will also put GE in a strong position to create a family of products in India. It is worth noting that the company will continue to support the Indian government’s AMCA Mk2 engine program as well.
Zacks Rank & Stocks to Consider
GE currently carries Zacks Rank #3 (Hold). Some better-ranked stocks are discussed below:
GFF delivered a trailing four-quarter earnings surprise of 12.5%, on average. In the past 60 days, Griffon’s earnings estimates have increased 2.4% for fiscal 2023. The stock has surged 7.1% in the year-to-date period.
Ingersoll Rand Inc. (IR - Free Report) presently sports a Zacks Rank of 1. IR delivered a trailing four-quarter earnings surprise of 12.6%, on average.
In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 6.7%. The stock has improved 21.5% in the year-to-date period.
Alamo Group Inc. (ALG - Free Report) currently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has increased 29.3% in the year-to-date period.
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General Electric (GE), HAL Sign MOU to Make Jet Engines for IAF
General Electric Company (GE - Free Report) unit, GE Aerospace has signed a Memorandum of Understanding (MOU) with Hindustan Aeronautics Limited (HAL) to make F414 fighter jet engines for the Indian Air Force (IAF). The MOU will boost defense cooperation between India and the U.S.
GE Aerospace produces and provides services for jet engines, components and systems for commercial and military businesses. The GE unit and its partners have jointly sold more than 40,000 commercial and 26,000 military aircraft engines. So far, it has delivered more than 1,600 F414 engines worldwide. The unit has been active in India for over 40 years and serves industries like engines, services, avionics, engineering, manufacturing and local sourcing.
GE began working with HAL and the Aeronautical Development Agency in 1986 to aid the development of India’s light combat aircraft with F404 engines. In due course, GE has supported the development and production programs of Light Combat Aircraft (LCA) Mk1 and LCA Mk2 programs with its F404 and F414 engines. The LCA program was established in 1983 by the Indian Government to develop a new light combat aircraft to replace the old IAF fighter jets. General Electric has already delivered 75 F404 engines and another 99 engines are yet to be delivered under the LCA Mk1A program. As part of an ongoing development program for LCA Mk2, GE has delivered eight F414 engines.
Per the deal, GE and HAL will co-produce GE Aerospace’s F414 engines in India and the engines will be used to power Tejas Light Combat Aircraft Mk2. General Electric is currently working with the U.S. government to obtain the required export authorization documents. GE’s F414 engines will offer economic and national security benefits to both the countries.
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The collaboration between the two companies will also promote GE’s prior commitment to manufacturing 99 engines for the Indian Air Force which is a part of the LCA Mk2 program. It will also put GE in a strong position to create a family of products in India. It is worth noting that the company will continue to support the Indian government’s AMCA Mk2 engine program as well.
Zacks Rank & Stocks to Consider
GE currently carries Zacks Rank #3 (Hold). Some better-ranked stocks are discussed below:
Griffon Corporation (GFF - Free Report) sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks.
GFF delivered a trailing four-quarter earnings surprise of 12.5%, on average. In the past 60 days, Griffon’s earnings estimates have increased 2.4% for fiscal 2023. The stock has surged 7.1% in the year-to-date period.
Ingersoll Rand Inc. (IR - Free Report) presently sports a Zacks Rank of 1. IR delivered a trailing four-quarter earnings surprise of 12.6%, on average.
In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 6.7%. The stock has improved 21.5% in the year-to-date period.
Alamo Group Inc. (ALG - Free Report) currently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has increased 29.3% in the year-to-date period.