Shares of ideaForge Technology Ltd skyrocketed more than 10% on 17 November after the company announced securing new orders worth Rs 107 crore. 

In its regulatory filing on Friday evening, ideaForge announced securing two orders worth Rs 107 crore from the Ministry of Defence. The first order, costing Rs 75 crore, is for the supply of AFDS / Tactical class UAVs with accessories that have to be executed within a 12-month period.

ideaForge announced another order from the Defence Ministry for the provision of hybrid UAVs and accessories. This order, worth Rs 32 crore, must be implemented within six months.

The drone maker recently released its September quarter results, which showed that the company’s problems persisted. Revenue for the quarter climbed by 10% over the previous year, marking the first positive gain in three quarters. However, the topline figure was down 57% sequentially.

The corporation continued to lose money for the fifth quarter in a row, despite the fact that its losses decreased sequentially. The order book totalled Rs 164 crore at the end of the quarter.

The defence segment’s revenue contribution fell to 63% from 86% in the same quarter last year, while the civil segment contribution climbed to 37% from 14%.

At 12:10 pm, the shares of ideaForge Technology were trading 10.59% higher at Rs 513.90 on NSE.

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