Shares of Larsen & Toubro Ltd rose 1% to touch a day’s high of Rs 4,045.90 on 31st October. This increase came after the company announced a partnership with US-based General Atomics Aeronautical Systems Inc (GA-ASI). They plan to manufacture Medium Altitude Long Endurance (MALE) remotely piloted aircraft systems (RPAS) in India. These will be for the Indian Armed Forces.

Under the partnership, L&T will take part in the Ministry of Defence’s upcoming 87 MALE RPAS programme as the prime bidder. They will have GA-ASI as its technology partner. The collaboration will enable the local production of GA-ASI’s combat-proven MQ-series drones. These drones have logged millions of flight hours in surveillance and strike missions worldwide.

L&T chairman S.N. Subrahmanyan said the partnership gives India a major opportunity to build advanced unmanned systems domestically. GA-ASI CEO Vivek Lall added that combining GA-ASI’s technology with L&T’s manufacturing strength will help enhance the Indian Armed Forces’ readiness. Furthermore, it will strengthen India’s defence ecosystem.

L&T also reported its Q2 results on 29th October. There was a 15.6% rise in net profit to Rs 3,926 crore and a 10.4% increase in revenue to Rs 67,983 crore. EBITDA rose 7% to Rs 6,806.5 crore, with margins steady at 10%.

At 2:49 PM, shares of Larsen & Toubro were trading 1.14% higher at Rs 4,033 on NSE.

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