Droneacharya Aerial shares gain on work order from Alter Dynamics, check details

Shares of DroneAcharya Aerial Innovations Ltd surged 3% on Friday after the firm said it has secured a work order valued at AED 239,819 (Rs 53 lakh) from Alter Dynamics & Artificial Intelligence.

DroneAcharya Aerial shares gained 3.53% to Rs 156.75 against the previous close of Rs 151.35 on BSE. Total 0.91 lakh shares of DroneAcharya Aerial changed hands amounting to a turnover of Rs 1.40 crore.

Market cap of DroneAcharya Aerial rose to Rs 375.90 crore on BSE. DroneAcharya Aerial shares have a one-year beta of 0.6, indicating low volatility during the period.        

The stock rose to a 52 week high of Rs 221 on October 27, 2023 and fell to a 52 week low of Rs 150.15 on March 13, 2024.

The project involves the utilization of drones for the inspection of piles above water, catering to the stringent requirements of Abu Dhabi National Oil Company (ADNOC).

The collaboration marks a much needed integration of Advanced Drone Tech with Conventional Industries, particularly in offshore assets. The deployment of drones equipped with high-resolution sensors promises a comprehensive, expedited, and intelligent inspection solution, said the firm.

"This milestone represents a significant entry into the relatively untapped drone survey market in the Middle East. Leveraging our extensive experience and domain expertise, we are poised to deliver professional, highquality services to the Architecture, Engineering, and Construction (AEC) industries with unparalleled efficiency," said Prateek Srivastava, Founder and Managing Director of DroneAcharya.