Shares of ideaForge Technologies Ltd and Zen Technologies Ltd increased by 14% on Friday, 9 May, as the tension between India and Pakistan worsened on the Northern and Western frontiers on the intervening night of 8 May and 9 May.
While ideaForge shares are up 14%, Zen Technologies stock was locked at a 5% upper circuit.
Last evening, ideaForge released its March quarter results. Revenue decreased by 80% from the same quarter last year, and the firm recorded a net loss of Rs 26 crore, compared to a net profit of Rs 10 crore in the same period last year.
IdeaForge’s revenue was cut in half during the course of the year due to a shift in order schedules and delayed government spending. In addition, the company has partnered with Resonia (Sterlite Group) to use drone and robotics technologies to improve the energy industry.
In March, Zen Technologies obtained orders from the Defence Ministry for an Integrated Air Defence Combat Simulator.
It is predicted that the armed forces will require more drones and autonomous devices in the future. The primary need will be for defence electronics and consumables, followed by vehicles.
Along with drone manufacturers, shares of other defence equities such as Bharat Dynamics (up 8%), Bharat Electronics (up 4%), and Mazagon Dock Shipbuilders (up 2.5%) are also trading higher on Friday.
Zen Technologies shares were locked 5% higher at Rs 1,406.4, while the stock has practically halved since its 52-week high of Rs 2,627.
Shares of ideaForge are up 13.5% at Rs 438. The stock is down 50% from its 52-week high, trading below its IPO price of Rs 672 a share, and over 70% below its all-time high of Rs 1,344 (listing price in 2023).
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