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.
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