DroneAcharya Aerial shares rise 9% on order win from Indian Army

Shares of DroneAcharya Aerial Innovations Ltd surged over 9% in Monday’s trade after the company won a contract to supply IT hardware for the Indian Army's drone lab in Jammu and Kashmir.

DroneAcharya Aerial shares gained 9.39% to  Rs 152 against the previous close of Rs 138.95 on BSE.

Total 2.85 lakh shares of DroneAcharya Aerial changed hands amounting to a turnover of Rs 4.15 crore.

Market cap of DroneAcharya Aerial rose to Rs 350.23 crore on BSE. DroneAcharya Aerial shares have a one-year beta of 0.8, indicating low volatility during the period.         

The stock rose to a 52 week high of Rs 221 on October 27, 2023 and a 52 week low of Rs 111.15 on March 21, 2023.

In terms of technicals, the relative strength index (RSI) of DroneAcharya Aerial stands at 30.8, signaling it's trading neither in the overbought nor in the oversold zone. DroneAcharya Aerial shares are trading lower than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

The provision of IT hardware, including CPUs, monitors, keyboards, and mice, for the drone lab will contribute significantly to the establishment and operation of this state-of-the-art facility, the company said.

“We are honored to have received this contract from the Indian Army for the establishment of the Drone Lab in J&K," DroneAcharya founder and managing director Prateek Srivastava said.

 

"This contract represents a significant milestone for DroneAcharya, and we are proud to support defense initiatives that contribute to national security and technological advancement," he added

 

The company also won an order for the supply of Precision Mapping System from Earthtree Enviro Pvt. Ltd and secured a supply order of drone controllers from the Northern Command.