Done Stock Ideaforge Technology rises 3%: Goldman Sachs funds sells 6.5 lakh shares ; Citigroup buys 6.65 lakh shares

Stock Market Today: Drone stock ideaForge Technology Ltd share price gained 3% in the morning trades on Friday. Bulk deal data from NSE showed Goldman Sachs funds selling 6,49,507 shares where as Citigroup was buyer of 6,65,187 shares

ideaForge Technology Ltd share price opened at ₹680.05 on the BSE on Friday, slightly higher than the previous close of ₹676.45 . The ideaForge Technology Ltd share price there after gained further to ₹697.20 levels.

The Bulk deals data from NSE showed that Goldman Sachs Funds - Goldman Sachs India Equity portfolio having sold 6,49,507 Ideaforge Technology shares on Thursday 10 October.. Goldman Sachs fund average price of selling Ideaforge Technology shares was indicated at ₹657.67. The same meant that The value of sale amounts almost close to ₹4.3 Crore

However in a separate bulk deal Citigroup Global Markets Mauritius Pvt Ltd has bough 6,65,187 shares showed the NSE Bulk deal data. The Citigroup Global Markets Mauritius Pvt Ltd bought Ideaforge Technology shares at an average price of ₹656. The deal value thereby comes at close to ₹4.4 Crore that Citigroup Global Markets Mauritius invested in buying Ideaforge Technology shares.

In the Indian unmanned aircraft systems ("UAS") market, ideaForge is the industry dominant player. As per ideaForge , it deployed the greatest number of indigenous UAVs in operation throughout India; on average, a drone made by ideaForge took flight for mapping and surveillance every five minutes.

Over 550,000 flights have been done by ideaForge clients using our UAV.

During Q1FY25 ideaForge Technologies revenue from Operations at ₹86.2 crore came around 11.2 lower year on year compare to ₹97.07 crore in Q1FY24. ideaForge Technologies net profit at ₹1.17 crore also declined substantially and was 90% lower than ₹18.87 crore in the year ago quarter.

Not surprising ideaForge Technology share price has corrected more than 15% in last 3 months and also down year to date.

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