DroneAcharya Shares Jump 3.2% After Securing Contract From TCS & BofA’s Bulk Deal

SUMMARY

BofA Securities Europe SA on Wednesday bought 1.67 Lakh shares in DroneAcharya in a bulk deal worth over INR 3 Cr

DroneAcharya also secured a contract worth INR 15.8 Lakh from Tata Consultancy Services

Shares of DroneAcharya jumped as much as 3.2% to INR 195 during the intraday trading hours on the BSE

Drone startup DroneAcharya on Thursday (December 28) said it has bagged a contract worth INR 15.8 Lakh from Tata Consultancy Services (TCS).

This comes a day after overseas investor BofA Securities Europe SA bought 1.67 Lakh shares in DroneAcharya in a bulk deal worth over INR 3 Cr.

In an exchange filing, DroneAcharya said that the agreement with TCS encompasses the supply of a 5G-enabled drone equipped with a visual (RGB) camera, alongside a ground control station designed for remote access and seamless live data relay.

Besides, the scope of work involves co-developing and co-engineering drone-based 5G solutions for telecom, warehousing, energy and other sectors where TCS has a presence, spanning India and across the globe.

Founded by Prateek Srivastava in 2017, DroneAcharya offers drone-based enterprise solutions across sectors like oil and gas, mining, infrastructure and agriculture. The company also provides training for drone piloting, drone building, drone data processing and using industrial drone applications, among others.

“The integration of 5G with drones will ensure faster data transmission with low latency while transmitting and receiving vast amounts of data efficiently. In essence, the integration of 5G technology into drones will significantly enhance their capabilities, enabling faster, more reliable, and data-intensive operations, which are crucial for various industries and applications”, said Srivastava.

Shares of DroneAcharya jumped 3.2% to INR 195 during the intraday trading hours on BSE. By the end of the session today, the company’s shares shed some of the gains ending marginally higher at INR 189.75.

The company has also issued a correction notice saying that the tender it had secured from the Haryana government’s Drone Imaging and Information Service of Haryana (DRIISHYA) project for the supply of surveying drones is valued at INR 1,41,00,000 and not INR 1,41,75,000.

The startup has cracked many deals and contracts over the last few months. Last week, it also signed an agreement to acquire a 51% stake in Pune-based PYI Technologies, a startup that offers camera drones, DIY kits and customised drones.

The company’s shares have gained over 39% year to date.