Shares of Rattanindia Enterprises Ltd rose sharply in Wednesday's trade, pausing their two-day fall. The stock surged 10.91 per cent to hit a day high of Rs 57.35 over its previous close of Rs 51.71. At today's high price of Rs 57.35, the scrip was down 16.58 per cent from its 52-week high price of Rs 68.75, a level seen on September 5 this year. Despite the mentioned fall, the counter has gained 78.94 per cent from its one-year low price of Rs 32.05, hit on March 28, 2023.
The significant up move in the share price came after the company secured a drone certification from aviation regulator DGCA. "Throttle Aerospace Systems (TAS) received Type-Certification for its drone product, DOPO, from the Directorate General of Civil Aviation (DGCA)," the company stated in an exchange filing. TAS is a subsidiary of NeoSky India and a part of Rattanindia Enterprises.
Rattanindia said DOPO is a multipurpose drone and with this type-certification, it can be deployed across multiple industries like survey, mapping, inspection along with agriculture, surveillance and disaster management. It weighs less than 5 kilograms, with a flying time of 49 minutes, it added.
"It can travel at ariel speeds of 32.4 Kmph and operates up to a maximum temperature of 50°C. DOPO can map 1.5 Sq kms in a single flight and can operate at low, medium, and high altitudes and supports multiple payloads," Rattanindia further mentioned.
TAS designs, develops and manufactures drones in India as part of the 'Atmanirbhar Bharat' initiate. It said the parent company NeoSky has a DGCA license for a Drone Remote Pilot Training Organization (RPTO).
Anjali Rattan, Business Chairperson of RattanIndia Enterprises, said, "This certification is a testament of our unwavering dedication towards ensuring the highest standard of safety, reliability & performance of our products & services. This reflects our company's commitment to meet & exceed regulatory standards while delivering cutting-edge solutions to our customers through our Make-in-India products."
On technical setup, the counter was trading higher than the 5-day, 10-, 20-, 30-, 100-, 150- and 200-day simple moving averages (SMAs) but lower than the 50-day SMA. The counter's 14-day relative strength index (RSI) came at 52.86. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 58.62 against a price-to-book (P/B) value of 11.86.
The scrip has an analyst target price of Rs 71, Trendlyne data showed, suggesting a potential upside of 25 per cent in a year. It has a one-year beta of 1.33, indicating high volatility on the counter.
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