ideaForge Shares Surge Over 11% In Morning Trade

ideaForge Shares Surge Over 11% In Morning Trade

SUMMARY

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.

You have reached your limit of free stories
Become A Startup Insider With Inc42 Plus

Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in india's startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

ideaForge Shares Surge Over 11% In Morning Trade-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

ideaForge Shares Surge Over 11% In Morning Trade-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

ideaForge Shares Surge Over 11% In Morning Trade-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

ideaForge Shares Surge Over 11% In Morning Trade-Inc42 Media
ideaForge Shares Surge Over 11% In Morning Trade-Inc42 Media
You’re in Good company