Signal Cos. said it may bid for Hughes Aircraft.

Forrest N. Shumway, chairman of the San Diego-based high-tech concern, said Signal requested and received a package of financial information from Hughes’ investment banker and is awaiting further instructions on the bidding process. Analysts have projected that Hughes, being sold by the trust that has controlled it since 1953, may fetch as much as $5 billion. Signal has more than $2 billion in cash and lines of credit available. Other likely bidders for the Culver City-based firm include General Electric, General Motors, Litton Industries and Boeing.