FII bought 1,67,000 shares of this drone company; Stock in green after it secured a prestigious contract from the Indian Army, Ministry of Defence – know more here!

The stock is up by 90 per cent from its 52-week low of Rs 111.15 per share.

DroneAcharya Aerial Innovations Limited informed that the company has secured a prestigious contract from the Indian Army, Ministry of Defence. The contract entails providing capacity building and advanced drone training at the mechanised army courses group, Ahmednagar.

Under the terms of the agreement, DroneAcharya will be responsible for training senior officers of the mechanised army courses group, MIC&S, Ahmednagar, as proficient drone pilots. The training program will also encompass the utilization of drones for disaster management purposes, showcasing the versatile applications of drone technology in critical scenarios.

DroneAcharya showcases its dedication to aerial tech excellence and national defence through this landmark contract with the Indian Army. As a trusted partner in Capacity Building and Advanced Drone Training, the company is committed to empowering military personnel with cutting-edge capabilities, confident in a fruitful collaboration that will yield exceptional results for the Mechanised Army Courses Group and beyond.

Earlier, the company was awarded a prestigious tender worth Rs 11,80,000.00 by the Indian Defence System. The company will undertake advanced drone pilot training and GIS (Geographic Information System) training for 20 officers from the Northern Command Pre-Induction Training School at Bhalra, Jammu and Kashmir.

Today, shares of Droneacharya Aerial Innovations Ltd gained 3.51 per cent to Rs 194.60 per share from its previous closing of Rs 188 with an intraday high of Rs 201 and an intraday low of Rs 188. The stock is up by 90 per cent from its 52-week low of Rs 111.15 per share. The shares of the company saw a spurt in volume be more than 3.27 times on BSE. 

Aamir Khan invested Rs 25 lakh to purchase 46,600 shares during the pre-IPO fundraising round, and Ranbir Kapoor spent approximately Rs 20 lakh to purchase 37,200 shares. Additionally, an ace investor, Shakar Sharma owns 4,57,000 shares or 1.91 per cent stake in the company.  

Additionally, BofA Securities Europe Sa, an FII bought 1,67,000 shares at Rs 188 per share aggregating to Rs 3,13,96,000 or 3.14 crore. (BofA Securities Europe SA operates as an institutional broker. The Company offers fixed income, currency, and commodities financial instruments dealing, as well as investment banking advisory, underwriting, and post-trade related services. BofA Securities Europe SA serves customers worldwide).

The company announced that it entered into Defence and Space Technologies, the Management of DroneAcharya expects a 50 to 70 per cent CAGR (Compound Annual Growth Rate), and 20 to 25 per cent PAT (Profit After Taxes) in the next 3 years from Defence and Space Technologies. The company has a market cap of Rs 467 crore and investors should keep an eye on this micro-cap drone stock.

Disclaimer: The article is for informational purposes only and not investment advice.