Back-to-Back Upper Circuits in This Defence Drone Stock Under Rs 80: Company Acquired PYI Technologies Pvt Ltd as a Part of Business Expansion
The company has a market cap of Rs 187.42 crore and the stock is up by 34.6 per cent from its 52-week low of Rs 58.05 per share.
DroneAcharya Aerial Innovations Limited (BSE: 543713; NSE: DRONACHRYA) has announced the acquisition of PYI Technologies Private Limited, a move set to significantly expand its business in drone manufacturing, trading, and training. PYI Technologies, incorporated on April 28, 2022, has a paid-up share capital of Rs 1,00,000 consisting of 10,000 Equity Shares of Rs 10 each. Its turnover for FY 22-23 was Rs 14,80,418, and for FY 23-24, it was Rs 53,700. The acquisition, a related party transaction conducted on an arm’s length basis, involves a cash consideration of Rs 49,000/- for a 49% stake, which will result in PYI Technologies becoming a wholly-owned subsidiary of DroneAcharya.
This strategic acquisition aligns with DroneAcharya’s core business, enhancing its capabilities in drone manufacturing, trading, and drone training services within India. By integrating PYI Technologies, DroneAcharya aims to strengthen its market position and diversify its offerings further in the rapidly growing drone industry. The acquisition demonstrates DroneAcharya’s commitment to expanding its product and service portfolio, capitalising on the increasing demand for comprehensive drone solutions.
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About the Company
Incorporated in 2017, DroneAcharya Aerial Innovations Ltd is a DGCA-certified drone solution provider. They offer drone pilot training across India and provide services such as drone sales, maintenance, and project work in oil & gas and GIS data processing. DroneAcharya also offers consultancy, reality capture software, anti-drone solutions, and UTM air traffic management. Their services include land and underwater surveying, and through a partnership, they provide integrated drone solutions for bathymetry, drone shows, and environmental monitoring.
On Thursday, shares of DroneAcharya Aerial Innovations Limited hit a 2 per cent upper circuit to Rs 78.13 per share from its previous closing of Rs 76.60 per share. In the recent trading sessions, the stock has been hitting back-to-back upper circuits. The company has a market cap of Rs 187.42 crore and the stock is up by 34.6 per cent from its 52-week low of Rs 58.05 per share.
Disclaimer: The article is for informational purposes only and not investment advice.