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The spike in share price drove the company's market capitalisation to INR 2,156 Cr
More than 2.2 Lakh shares of ideaForge traded hands by 10:00 am
The stock later pared some gains and was traded 7% up at INR 498.30 at the time of writing
Shares of drone tech company IdeaForge
Technology surged more than 11% to INR 518.55 in early hours of trade on the BSE today (February 1).
The spike in share price drove the company’s market capitalisation to INR 2,156 Cr with more than 2.2 Lakh shares changing hands by 10:00 am.
The stock later pared some gains and was traded 7% up at INR 498.30 at the time of writing.
The rise in its stock price coincided with the surge in benchmark indices on the budget day. While Nifty 50 was trading at 23,390.40 at 10:00 AM, Sensex reached 77,149.36 during that time.
The company’ net loss widened in the third quarter of the fiscal year 2024-25 (Q3 FY25). The drone tech company reported a consolidated net loss of INR 24.02 Cr as against a net profit of INR 14.80 Cr.
On a quarter-on-quarter basis, the company’s loss widened 42% from INR 13.73 Cr.
The company’s EBITDA loss fell to INR 12.58 Cr from INR 9.99 Cr in the previous quarter and EBITDA loss margin also plunged to 71.4% from 26.9% in Q2 FY25.
ideaForge’s operating revenue crashed 81% to INR 17.61 Cr during the quarter under review from INR 90.89 Cr in the year-ago quarter. This marked a 53% sequential decline from INR 37.10 Cr.
Earlier this month, the company approved the allotment of 8,198 equity shares under its existing employee stock option plan (ESOP). Last month, it allotted an additional 4,126 equity shares under its existing ESOP.
Last year, ideaForge partnered with drone tech startup TechEagle to scale up the latter’s unmanned aerial vehicle technology and drive innovation in the drone space.
