Droneacharya Aerial bags order from RIL's security associates; stock reacts

DroneAcharya Aerial Innovations Ltd on Tuesday announced a service order win from Maani Care System (India) Pvt Ltd, an entity associated with Reliance Industries Ltd (RIL). The order is valued at Rs 2.59 lakh.

"Under this service order, our company commits to delivering a comprehensive DGCA Certified Drone Pilot Training Course to individuals recommended by the Air Surveillance team of RIL. This training course ensures that candidates acquire the necessary skills and certification to operate drones in compliance with regulatory standards set by the Directorate General of Civil Aviation (DGCA)," it stated in an exchange filing.

This development signifies a strong trend towards widespread adoption and integration of drones into current workflows across India and clearly enables the vision of our Prime Minister Narendra Modi of making India a Global Drone Hub by 2030, the firm added.

Shares of DroneAcharya Aerial turned positive after the company announced the order win from RIL's security associates. The stock was last seen trading 0.64 per cent higher at Rs 156.50.

On technical setup, the counter was trading higher than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs) but lower than the 100-day, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 63.52. A level below 30 is defined as oversold while a value above 70 is considered overbought.

Around 3.82 lakh shares were last seen changing hands. The figure was higher than the two-week average volume of 2.55 lakh shares. Turnover on the counter came at Rs 5.94 crore, commanding a market capitalisation (m-cap) of Rs 372.42 crore.

Earlier this month, the company said it had bagged "the largest FPV (First Person View) drone supply export order in India" worth Rs 15.01 crore. As of March 2024, promoters held a 28.21 per cent stake in the company