Shares of RattanIndia Enterprises Ltd. jumped 11% on Wednesday after its unit received the Directorate General of Civil Aviation's certification for its multipurpose drone.
Throttle Aerospace Systems, a subsidiary of the company, received a type-certification for Dopo, which can be used for surveying, mapping, inspection, agriculture, surveillance and disaster management. It is a small-class drone weighing less than five kilogrammes with a flying time of 49 minutes, according to an exchange filing.
The certification and approval for the quality and performance of Dopo reflect "our company's commitment to meet and exceed regulatory standards while delivering cutting-edge solutions to our customers through our Make-in-India products", according to Anjali Rattan, business chairperson of RattanIndia.
Shares of RattanIndia rose as much as 11.03% during the day to Rs 57.40 apiece, the highest since Oct. 20. It pared gains to trade 8.12% higher at Rs 55.90 apiece compared to a 0.22% decline in the benchmark NSE Nifty 50 at 10.13 a.m.
It has risen 32.15% on a year-to-date basis. The total traded volume so far in the day stood at 9.7 times its 30-day average. The relative strength index was at 53.
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