Shankar Sharma-Backed Micro Cap Stock Flies Up 10% After Winning Order From Defense Ministry

Shares of Droneacharya, which were trading flat on Friday morning, jumped up over 10% after the announcement came out.

What Happened: On Friday morning, the company revealed a key contract win from the Ministry of Defense, Department of Military Affairs, India. The contract entails supplying drone simulators to the Ministry’s Department of Military Affairs, located in Bhalra, Jammu & Kashmir.

Execution of this agreement will take place at NCPITS (CBS) Bhalra. As per the company’s statement, the contract is strategically aligned with the Ministry of Defense, Department of Military Affairs’ vision to empower its internal team members with advanced skills in Drone piloting and Aerial manoeuvres.

See Also: Micro Cap Stock Hits All-Time High After Winning Order From NVIDIA

DroneAcharya’s simulators are poised to play a pivotal role in training sessions aimed at honing the expertise of military personnel in drone flying, leveraging the latest advancements in simulation technology.

Shares of the company shot up sharply as soon as the announcement was made at around 11:00 am. Droneacharya’s share price surged up over 10% to hit an intraday high of ₹217.95.

Price Action: Droneacharya’s share price was up 5.34% to trade at ₹207.05 in the early hours of trading on Friday. As per the latest shareholding pattern, ace investor Shankar Sharma owns a 1.91% stake in the company.

Read Next: Small Cap Railway Stock Rockets 10% After Bagging ₹1,374 Cr Order