Indian equity benchmark indices declined on Wednesday, led by losses in the information technology sector, as investors weighed the effects of recent US visa restrictions. The Nifty 50 fell 0.43% to 25,057.75, while the BSE Sensex dropped 0.45% to 81,729.17 by 9:45 a.m. IST.
Meanwhile, in a significant boost to India's indigenous defence manufacturing, Larsen & Toubro (L&T) and Bharat Electronics Limited (BEL) have announced a strategic partnership to support the Indian Air Force's Advanced Medium Combat Aircraft (AMCA) programme. This collaboration aims to develop India's 5th-generation fighter aircraft, aligning with the Government of India's (GoI) vision for an 'Atmanirbhar Bharat' (self-reliant India).
The newly formed consortium is preparing to participate in the Expression of Interest notice issued by the GoI's Aeronautical Development Agency, with a formal response expected in the coming weeks.
The partnership is designed to leverage the distinct strengths of both companies: L&T's expertise in developing strategic aerospace and defence platforms will be combined with BEL's extensive experience in defence electronics and systems.
Earlier on Monday, September 22, in a significant step towards advancing green energy in the Middle East, the Renewables (RENU) vertical of Larsen & Toubro (L&T) signed a Memorandum of Understanding (MOU) with ACWA Power for the Renewables & Grid scope of the Yanbu Green Ammonia Project in Saudi Arabia.
As per the exchange filings, collaborative framework between L&T and ACWA Power will jointly design the project to meet performance targets. L&T has also committed to entering into an Engineering, Procurement, and Construction (EPC) contract upon acceptance of the final proposal.
This partnership will leverage L&T's proven EPC capabilities to ensure the optimal integration of renewable technologies and robust project delivery. The Yanbu Green Hydrogen Hub is a pioneering, fully integrated facility that will be powered exclusively by its own captive renewable energy sources, including Solar PV plants, Wind farms, and a Battery Energy Storage System, along with associated substations and transmission lines.
Larsen & Toubro (L&T) share price jumped 0.84% to the intraday high of ₹3,688.20 per share on Wednesday. As of 10:47 am IST, the stock price was trading at ₹3,675.80 per share, up by 0.5%.
Newly partnered defence stock Bharat Electronics (BEL) share price was trading in negative territory on Wednesday. As of 11:27 am IST the stock price was trading at ₹396.80 per share, down by 1.89%.
On a year-to-date basis, the stock price of Larsen & Toubro has surged by 2.19% while defence stock Bharat Electronics has jumped over 35%. During the same period Indian frontline index Nifty 50 has gained 6.08%.
For android only