Shares of Droneacharya Aerial Innovations soared over 7% on Monday to hit an intraday high of ₹164.

What Happened: The surge in the drone stock comes as the company on Saturday launched BHUJANG (Battlefield Hybrid UAV for Joint Attack, Navigation and Guarding). It is a heavy lift-off, super-high-altitude, long-range drone with multiple capabilities.

As per the company, the drone BHUJANG is India's First Super High Altitude Multi Rotor Multi-Role Drone, that can achieve an altitude of 1,500-meter AGL (Above Ground Level) from a 4,800-meter-high takeoff
point, with a maximum altitude of 6,300 meter.

See Also: Why These 2 Adani Stocks Are Surging Today

“It is also South Asia’s first drone with combat, transport and surveillance capabilities in a single aircraft,” the company said in a statement. The micro-cap company added that the country’s defence establishments are in dire need of unmanned aerial vehicles (UAV) capable of performing multiple tasks using the same platform.

The surge today brought some cheer to the stock that has been mostly mute this year. On a year-to-date basis, the stock has gone up over 12%. Ace investor Shankar Sharma owns a 1.91% stake in the company.

Price Action: Droneacharya’s share price was up 4.56% to trade at ₹159.60 shortly after the markets opened on Monday.

Read Next: Top Watch Brands In India: How To Make The Right Choice