The shares of the leading player in the drone business surged 3.2 percent to Rs 195 per share on Thursday after a Foreign investor bought a fresh stake in the company and also the company received a work order from TCS.
Droneacharya Aerial Innovations Ltd is a micro-cap stock, with a market capitalization of Rs 465 crore.
Foreign Institutional Investor BofA Securities Europe SA bought 1.67 lakh shares in the company at an average price of Rs 187.65 per share.
Additionally, DroneAcharya Aerial Innovations secured a contract worth Rs. 15,78,840.00 from Tata Consultancy Services (TCS). The contract entails the delivery of cutting-edge Drone-based 5G Solutions.
The agreement encompasses the supply of a state-of-the-art 5G-enabled drone equipped with a Visual (RGB) camera, alongside a Ground Control Station designed for remote access and seamless live data relay.
Additionally, the scope of work includes collaborative efforts in co-developing and co-engineering Drone Based 5G Solutions for Telecom, Warehousing, Energy and other sectors.
On December 26, 2023, the company received a work order of Rs 1.41 crore for the supply of High-End Surveying Drones from DRIISHYA, Government of Haryana.
The company’s revenue has increased significantly by 1000 percent yearly, from Rs 1.90 crore in Q2FY23 to Rs 20.89 crore in Q2FY24. During the same timeframe, Net profit has jumped by 2900 percent from Rs 0.13 crore to Rs 3.96 crore.
Ace investor Shankar Sharma holds 4,57,000 shares in the company as of the September quarter of 2023, equivalent to a 1.91 percent stake.
Droneacharya Aerial Innovations shares have gained 10 percent in the last six months and 55 percent in a year.
Droneacharya Aerial Innovations Limited offers a high-end ecosystem of Drone solutions for multi-sensor Drone surveys, Drone data processing with sturdy high-configuration workstations, Drone pilot training, and specialized GIS training.
At the time of writing this report, Droneacharya Aerial Innovations Limited shares were trading at Rs 194 per share, up 2.67 percent from the previous close price.
Written by Omkar Chitnis
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