Shankar Sharma-Backed Micro Cap Stock Flies Up 6% After Bagging Order From Defense Ministry

Shares of Droneacharya, which were trading flat on Monday morning, jumped up over 5% after the announcement came out.

What Happened: DroneAcharya secured a contract from the Indian Army, Ministry of Defence. The contract is designed to provide capacity building and advanced drone training at the Mechanised Army Courses Group located in Ahmednagar.

Under this contract, DroneAcharya Aerial Innovations Ltd will be tasked with training senior officers of the Mechanised Army Courses Group, MIC&S, Ahmednagar, to become proficient Drone Pilots. The training program will cover the extensive use of drones for disaster management purposes.

See Also: Micro Cap Stock Hits 52-Week High After Bagging Order From Tata Power

Shares of the company shot up sharply as soon as the announcement was made at around 10:45 am. Droneacharya's share price surged up over 6% to hit an intraday high of ₹201.

Last month, the company had secured another order from the army. The contract entails supplying drone simulators to the Ministry's Department of Military Affairs, located in Bhalra, Jammu & Kashmir.

Price Action: Droneacharya's share price was up 5.85% to trade at ₹199 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: Wipro Shares Surge 10% After Q3: Buy, Sell Or Hold?

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