On the sectoral front, the indices were trading mixed with the BSE Utilities Index being one of the top gainers while the BSE Commodities Index being one of the top losers.

On September 18, foreign institutional investors (FII) offloaded shares worth Rs 1,236.51 crore, while domestic institutional investors (DII) purchased shares worth Rs 552.55 crore.

The company provides a high-end ecosystem of drone solutions for multi-sensor drone surveys, data processing of drone data using robust high-configuration workstations, drone pilot training and specialised GIS training. 

IPO Rating: Apply for listing gains 

Furthermore, according to the quarterly results, the company reported net sales of Rs 14.08 crore. The operating profit skyrocketed by 792.50 per cent to Rs 0.36 crore and net profit skyrocketed by 1,034.48 per cent to Rs 0.33 crore in Q1FY24 compared to Q1FY23.

This approval, for its Enoxaparin product in pre-filled syringes, comes from the largest pharmaceutical market in the Gulf Cooperation Council (GCC) region. This market is projected to grow to USD 13.1 billion by 2031, with a 10-year CAGR of 5.4 per cent.

Shares of the company have gained more than 30 per cent in the last six months.

According to the financials, the company has a market cap of Rs 92 crore. As of August 2023, the promoters of the company own a 74.99 per cent stake while the rest of the stake is owned by the public (25.01 per cent).

Overall, the broader market sentiment appears to be on the negative side, with around 738 stocks advancing compared to 1255 stocks declining, pointing to a prevalent bearish sentiment in the broader market.

According to the quarterly results, the net sales decreased by 6.79 per cent to Rs 1,702 crore, operating profit increased by 33.33 per cent to Rs 132 crore and net profit increased by 9.30 per cent to Rs 47 crore in Q1FY24 compared to Q1FY23. In FY23, the net sales increased by 64.69 per cent to Rs 6,927 crore and net profit increased by 47.74 per cent to Rs 164 crore compared to FY22.