IdeaForge Shares Jump Over 7% On Reports Of U.S. Market Entry
The company is holding multiple demonstrations of its products in the country, Chief Executive Officer Ankit Mehta told PTI.
Shares of IdeaForge Technology Ltd. surged above 7% to over two-week high on Friday after media reports said that the company was planning to sell its drones in the U.S.
The drone-maker is holding multiple demonstrations of its products in the U.S., Chief Executive Officer Ankit Mehta told PTI.
Shares of the company rose as much as 7.29%, the highest level since Feb. 7, before paring gains to trade 5.04% higher as of 12:42 p.m. This compares to a 0.16% advance in the NSE Nifty 50.
The stock has declined 40.84% in past 12 months. Total traded volume so far in the day stood at 3.4 times its 30-day average. The relative strength index was at 57.61.
Asian Markets Securities has a 'buy' rating on IdeaForge Technology Ltd. with target price of Rs 1,607, implying an upside of 120.41% from Thursday's closing price.
