Small Cap Defence Stock Rises On Securing Rs 58 Cr Order For 400 Surveillance Copters

Aerospace & Defence firm IdeaForge Technology Limited's shares on Friday surged nearly 5% to hit the day's high of Rs 980 apiece after winning a Rs 58 crore order for surveillance copters.

The company announced that it had received an order from M/s Strategic Marketing for 400 surveillance copters and accessories, totaling around $7 million (excluding GST) or about Rs 58 crores. The order is set to be executed within 12 months.

"IdeaForge Technology Limited (Company), has received order worth about INR 58 Crores (exclusive of GST) to supply 400 Surveillance Copter with accessories to M/s. Strategic Marketing," the Board said in a filing.

IdeaForge Technology Limited shares closed 0.33% higher at Rs 937.40 apiece on the BSE. It hit the day's highs and lows of Rs 980 and Rs 933.40, respectively. The shares opened at Rs 955.05 apiece on the BSE.

The Stock's 52-week high is Rs 1,344 apiece and the 52-week low is Rs 932 apiece. Stock declined 5.48% in 1 week, and 7.26% in 1 month. IdeaForge Technology had a successful IPO in June 2023.

Incorporated in 2007, ideaForge Technology Limited is a small-cap company engaged in the business of manufacturing Unmanned Aircraft Systems (UAS) for Mapping, Security & Surveillance.