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Shares of ideaForge slumped as much as 19.09% to record its fresh 52-week figure of INR 390.20 during the intraday trading session on the BSE today (January 29), following weak financial results for the third quarter of fiscal year 2024-25 (Q3 FY25)
The stock neared its lower circuit limit which was set at INR 385.85, 20% below the previous close
However, the stock shed some losses and was trading 7.01% lower at INR 452.80 at 10:35 PM
Shares of IdeaForge
The stock neared its lower circuit limit which was set at INR 385.85, 20% below the previous close.
However, the stock shed some losses and was trading 7.01% lower at INR 452.80 at 10:35 PM.
The company’s market capitalisation was at INR 1,932.95 Cr at the above-mentioned time and as much as 7.33 Lakh shares traded hands by then.
The stock has shown weak performance in the short and long term. While the shares have dipped 22.77% in the last month at the current market price, it has given a negative return of 37.51%% in the last year.
ideaForge‘s bottom line slipped into the red in Q3 FY25, reporting a consolidated net loss of INR 24.02 Cr against a net profit of INR 14.80 Cr. Sequentially, the loss widened by 42% from INR 13.73 Cr.
Similarly, its 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.
Founded in 2007 by IIT Bombay graduates Ashish Bhat, Ankit Mehta, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge is a pioneer in UAV (Unmanned Aerial Vehicle) technology, focusing on designing high-performance drones for surveillance, reconnaissance, and intelligence missions.
The company collaborates with armed forces and paramilitary, providing tactical drones equipped with advanced payloads for border surveillance and counter-insurgency operations.
ideaForge made its debut in the bourses in July 2023 with its shares listing at INR 1,305.10 apiece on the BSE. This listing was at a premium of 94.21% to the IPO issue price.