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What is the story about?
Shares of ideaForge Technology Ltd. surged as much as 7% on Tuesday, May 5, after having surged 20% on Monday as well, thereby extending their gain for the sixth straight session.
The drone manufacturer stock has declined in only three out of the last 20 trading sessions. The stock is up nearly 30% in just two trading sessions of May.
The move seen by ideaForge in May follows the 64% move that the stock had seen in April, which turned out to be the best month that the stock had ever since it made its stock market debut back in July 2023.
ideaForge returned to profitability in the March quarter with a net profit of ₹60 crore and a 7x jump in its revenue compared to the same quarter last year. Margins also stood at 44%. Material cost saw a sharp fall to 11% of the total topline compared to 67% last year and 51% sequentially.
A block deal also took place in ideaForge on Monday where Societe Generale was a buyer in the transaction, acquiring 2.43 lakh shares at ₹707.11 apiece.
At the end of the March quarter, Mutual Funds had a 1% stake in the company, with Foreign Portfolio Investors owning a 0.7% stake. Close to 1.8 lakh small retail shareholders, or those with authorized share capital of up to ₹2 lakh, had a 36% stake in the drone manufacturing company.
ideaForge shares had doubled on the day of their listing back in July 2023, surging to levels of ₹1,344 compared to its issue price of ₹672. Over the next few months, the stock continued to decline due to weak results, thereby making an all-time low of ₹301, that it had declined to on April 7 last year. The stock is still down 41% from its listing-day high.
80 lakh shares of ideaForge have changed hands on Tuesday so far, significantly higher than their 20-day average of 6.1 lakh.
Brokerage firm IIFL recently upgraded the stock to "buy" from its earlier rating of "reduce" and its revised price target of ₹1,187, implied an upside potential of 95% from last Thursday's closing levels.
Shares of ideaForge are trading 6.7% higher on Tuesday at ₹780.25. The stock has surged 30% in the last two sessions and has reclaimed its IPO price of ₹672.
The drone manufacturer stock has declined in only three out of the last 20 trading sessions. The stock is up nearly 30% in just two trading sessions of May.
The move seen by ideaForge in May follows the 64% move that the stock had seen in April, which turned out to be the best month that the stock had ever since it made its stock market debut back in July 2023.
ideaForge returned to profitability in the March quarter with a net profit of ₹60 crore and a 7x jump in its revenue compared to the same quarter last year. Margins also stood at 44%. Material cost saw a sharp fall to 11% of the total topline compared to 67% last year and 51% sequentially.
A block deal also took place in ideaForge on Monday where Societe Generale was a buyer in the transaction, acquiring 2.43 lakh shares at ₹707.11 apiece.
At the end of the March quarter, Mutual Funds had a 1% stake in the company, with Foreign Portfolio Investors owning a 0.7% stake. Close to 1.8 lakh small retail shareholders, or those with authorized share capital of up to ₹2 lakh, had a 36% stake in the drone manufacturing company.
ideaForge shares had doubled on the day of their listing back in July 2023, surging to levels of ₹1,344 compared to its issue price of ₹672. Over the next few months, the stock continued to decline due to weak results, thereby making an all-time low of ₹301, that it had declined to on April 7 last year. The stock is still down 41% from its listing-day high.
80 lakh shares of ideaForge have changed hands on Tuesday so far, significantly higher than their 20-day average of 6.1 lakh.
Brokerage firm IIFL recently upgraded the stock to "buy" from its earlier rating of "reduce" and its revised price target of ₹1,187, implied an upside potential of 95% from last Thursday's closing levels.
Shares of ideaForge are trading 6.7% higher on Tuesday at ₹780.25. The stock has surged 30% in the last two sessions and has reclaimed its IPO price of ₹672.
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