Ideaforge shares slip 3% after 3-day rally on India-Pakistan military escalation
Shares of
Ideaforge Technology
fell as much as 3% to Rs 476.60 on the BSE on Tuesday, as investors booked profits following a sharp 37% rally over the past three sessions, spurred by a surge in
defence stocks
amid
military escalation
between India and Pakistan.
The stock had climbed steadily since Wednesday, when India launched strikes on nine terror sites in Pakistan in retaliation for a deadly attack in Kashmir that killed 26 people. The border conflict marked the most severe confrontation between the two nations in nearly three decades, sparking a rally across defence-related stocks, including Ideaforge.
On Monday, shares of Ideaforge jumped as much as 7.9% intraday to Rs 500 despite reports of a pause in hostilities. The rally was bolstered by broader market bets on defence spending and
surveillance technology
in light of the conflict.
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Indian military officials had reportedly sent a "hotline message" to Pakistan on Sunday, warning of further retaliation if ceasefire violations continued. However, with tensions showing signs of easing, traders appeared to lock in gains on Tuesday.
Technical indicators point to pullback
Live Events
In the last week alone, Ideaforge shares gained 25.76%. The stock is up 19.7% in the past three months but remains down 19.8% over the last six months.
Technical signals indicated the stock was in overbought territory, with a 14-day Relative Strength Index (RSI) of 74.1—above the 70 threshold typically seen as a sign of overheating. It was also trading below its 150-day and 200-day simple moving averages, suggesting a near-term pullback was likely.
Meanwhile, brokerage Ashika Institutional Equity said it remains bullish on Indian defence stocks, citing 'a favourable backdrop of heightened
geopolitical activity
, expanding order books, and growing export potential.
Ideaforge Technology is a leading Indian manufacturer of Unmanned Aircraft Systems (UAS), offering
UAVs
for mapping, surveillance, and security applications across sectors such as mining and infrastructure. The company has the largest operational deployment of indigenous UAVs in India, with one Ideaforge-manufactured drone reportedly taking off every five minutes.
Also read |
Defence stocks set to rally on export hopes amid rising India-Pakistan tensions: Ashika Equity
The company's fully in-house capabilities allow it to design, engineer, and manufacture UAVs with tight control over performance and reliability. It was also an early pioneer in the country's drone space, having developed vertical take-off and landing (VTOL) UAVs as far back as 2009.
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