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INSIGHT-India and Pakistan's drone battles mark new arms race in Asia
Repeats story from Tuesday morning in Asia
India and Pakistan to invest large sums in drones after recent fighting
Delhi works with domestic players while Islamabad collaborates with China and Turkey
UAVs used by both sides to apply pressure without significant escalation
Dependence on China supply chain a concern, some Indian officials and executives say
By Devjyot Ghoshal, Ariba Shahid, Shivam Patel
NEW DELHI/ISLAMABAD, May 27 (Reuters) - A little after 8:00 pm on May 8, red flares streaked through the night sky over the northern Indian city of Jammu as its air-defence systems opened fire on drones from neighbouring Pakistan.
The Indian and Pakistani militaries have deployed high-end fighter jets, conventional missiles and artillery during decades of clashes, but the four days of fighting in May marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other.
The fighting halted after the U.S. announced it brokered a ceasefire but the South Asian powers, which spent more than $96 billion on defence last year, are now locked in a drones arms race, according to Reuters' interviews with 15 people, including security officials, industry executives and analysts in the two countries.
Two of them said they expect increased use of UAVs by the nuclear-armed neighbours because small-scale drone attacks can strike targets without risking personnel or provoking uncontrollable escalation.
India plans to invest heavily in local industry and could spend as much as $470 million on UAVs over the next 12 to 24 months, roughly three times pre-conflict levels, said Smit Shah of Drone Federation India, which represents over 550 companies and regularly interacts with the government.
The previously unreported forecast, which came as India this month approved roughly $4.6 billion in emergency military procurement funds, was corroborated by two other industry executives. The Indian military plans to use some of that additional funding on combat and surveillance drones, according to two Indian officials familiar with the matter.
Defence procurement in India tends to involve years of bureaucratic processes but officials are now calling drone makers in for trials and demonstrations at an unprecedented pace, said Vishal Saxena, a vice president at Indian UAV firm ideaForge Technology IDEF.NS.
The Pakistan Air Force, meanwhile, is pushing to acquire more UAVs as it seeks to avoid risking its high-end aircraft, said a Pakistani source familiar with the matter.
Pakistan and India both deployed cutting-edge generation 4.5 fighter jets during the latest clashes but cash-strapped Islamabad only has about 20 high-end Chinese-made J-10 fighters compared to the three dozen Rafales that Delhi can muster.
Pakistan is likely to build on existing relationships to intensify collaboration with China and Turkey to advance domestic drone research and production capabilities, said Oishee Majumdar of defence intelligence firm Janes.
Islamabad is relying on a collaboration between Pakistan's National Aerospace Science and Technology Park and Turkish defence contractor Baykar that locally assembles the YIHA-III drone, the Pakistani source said, adding a unit could be produced domestically in between two to three days.
Pakistan's military declined to respond to Reuters' questions. The Indian defence ministry and Baykar did not return requests for comment.
India and Pakistan "appear to view drone strikes as a way to apply military pressure without immediately provoking large-scale escalation," said King's College London political scientist Walter Ladwig III.
"UAVs allow leaders to demonstrate resolve, achieve visible effects, and manage domestic expectations — all without exposing expensive aircraft or pilots to danger," he added.
But such skirmishes are not entirely risk-free, and Ladwig noted that countries could also send UAVs to attack contested or densely populated areas where they might not previously have used manned platforms.
DRONE SWARMS AND VINTAGE GUNS
The fighting in May, which was the fiercest in this century between the neighbours, came after an April 22 militant attack in the disputed Himalayan region of Kashmir that killed 26 people, mostly Indian tourists.
Delhi blamed the killings on "terrorists" backed by Islamabad, which denied the charge. Indian Prime Minister Narendra Modi vowed revenge and Delhi on May 7 launched air strikes on what it described as "terrorist infrastructure" in Pakistan.
The next night, Pakistan sent hordes of drones along a 1,700-kilometer (772-mile) front with India, with between 300 and 400 of them pushing in along 36 locations to probe Indian air defences, Indian officials have said.
Pakistan depended on Turkish-origin YIHA-III and Asisguard Songar drones, as well as the Shahpar-II UAV produced domestically by the state-owned Global Industrial & Defence Solutions conglomerate, according to two Pakistani sources.
But much of this drone deployment was cut down by Cold War-era Indian anti-aircraft guns that were rigged to modern military radar and communication networks developed by state-run Bharat Electronics BAJE.NS, according to two Indian officials.
A Pakistan source denied that large numbers of its drones were shot down on May 8, but India did not appear to sustain significant damage from that drone raid.
India's use of the anti-aircraft guns, which had not been designed for anti-drone-warfare, turned out to be surprisingly effective, said retired Indian Brig. Anshuman Narang, now an UAV expert at Delhi's Centre for Joint Warfare Studies.
"Ten times better than what I'd expected," he said.
India also sent Israeli HAROP, Polish WARMATE and domestically-produced UAVs into Pakistani airspace, according to one Indian and two Pakistan sources. Some of them were also used for precision attacks on what two Indian officials described as military and militant infrastructure.
The two Pakistani security sources confirmed that India deployed a large number of the HAROPs - a long-range loitering munition drone manufactured by Israel Aerospace Industries. Such UAVs, also known as suicide drones, stay over a target before crashing down and detonating on impact.
Pakistan set up decoy radars in some areas to draw in the HAROPs, or waited for their flight time to come towards its end, so that they fell below 3,000 feet and could be shot down, a third Pakistani source said.
Both sides claim to have notched victories in their use of UAVs.
India successfully targeted infrastructure within Pakistan with minimal risk to personnel or major platforms, said KCL's Ladwig.
For Pakistan's military, which claimed to have struck Indian defence facilities with UAVs, drone attacks allow it to signal action while drawing less international scrutiny than conventional methods, he noted.
CHEAP BUT WITH AN ACHILLES HEEL
Despite the loss of many drones, both sides are doubling down.
"We're talking about relatively cheap technology," said Washington-based South Asia expert Michael Kugelman. "And while UAVs don't have the shock and awe effect of missiles and fighter jets, they can still convey a sense of power and purpose for those that launch them."
Indian defence planners are likely to expand domestic development of loitering munitions UAVs, according to an Indian security source and Sameer Joshi of Indian UAV maker NewSpace, which is deepening its research and development on such drones.
"Their ability to loiter, evade detection, and strike with precision marked a shift toward high-value, low-cost warfare with mass produced drones," said Joshi, whose firm supplies the Indian military.
And firms like ideaForge, which has supplied over 2,000 UAVs to the Indian security forces, are also investing on enhancing the ability of its drones to be less vulnerable to electronic warfare, said Saxena.
Another vulnerability that is harder to address is the Indian drone program's reliance on hard-to-replace components from China, an established military partner of Pakistan, four Indian dronemakers and officials said.
India continues to depend on China-made magnets and lithium for UAV batteries, said Drone Federation India's Shah.
"Weaponization of the supply chain is also an issue," said ideaForge's Saxena on the possibility of Beijing shutting the tap on components in certain situations.
For instance, Chinese restrictions on the sale of drones and components to Ukraine have weakened Kyiv's ability to produce critical combat drones, according to the Center for Strategic and International Studies think-tank.
A spokesperson for China's Foreign Ministry said in response to Reuters' questions that Beijing has always implemented export controls on dual-use items in accordance with domestic laws and regulations as well as its international obligations.
"Diversification of supply chain is a medium to long term problem," said Shah. "You can't solve it in short term."
($1 = 85.0470 Indian rupees)
(Additional reporting by Saeed Shah in Islamabad, Adnan Abidi in New Delhi, Nivedita Bhattacharjee in Bengaluru and Liz Lee in Beijing; Writing by Devjyot Ghoshal; Editing by Katerina Ang)
(([email protected];))
Repeats story from Tuesday morning in Asia
India and Pakistan to invest large sums in drones after recent fighting
Delhi works with domestic players while Islamabad collaborates with China and Turkey
UAVs used by both sides to apply pressure without significant escalation
Dependence on China supply chain a concern, some Indian officials and executives say
By Devjyot Ghoshal, Ariba Shahid, Shivam Patel
NEW DELHI/ISLAMABAD, May 27 (Reuters) - A little after 8:00 pm on May 8, red flares streaked through the night sky over the northern Indian city of Jammu as its air-defence systems opened fire on drones from neighbouring Pakistan.
The Indian and Pakistani militaries have deployed high-end fighter jets, conventional missiles and artillery during decades of clashes, but the four days of fighting in May marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other.
The fighting halted after the U.S. announced it brokered a ceasefire but the South Asian powers, which spent more than $96 billion on defence last year, are now locked in a drones arms race, according to Reuters' interviews with 15 people, including security officials, industry executives and analysts in the two countries.
Two of them said they expect increased use of UAVs by the nuclear-armed neighbours because small-scale drone attacks can strike targets without risking personnel or provoking uncontrollable escalation.
India plans to invest heavily in local industry and could spend as much as $470 million on UAVs over the next 12 to 24 months, roughly three times pre-conflict levels, said Smit Shah of Drone Federation India, which represents over 550 companies and regularly interacts with the government.
The previously unreported forecast, which came as India this month approved roughly $4.6 billion in emergency military procurement funds, was corroborated by two other industry executives. The Indian military plans to use some of that additional funding on combat and surveillance drones, according to two Indian officials familiar with the matter.
Defence procurement in India tends to involve years of bureaucratic processes but officials are now calling drone makers in for trials and demonstrations at an unprecedented pace, said Vishal Saxena, a vice president at Indian UAV firm ideaForge Technology IDEF.NS.
The Pakistan Air Force, meanwhile, is pushing to acquire more UAVs as it seeks to avoid risking its high-end aircraft, said a Pakistani source familiar with the matter.
Pakistan and India both deployed cutting-edge generation 4.5 fighter jets during the latest clashes but cash-strapped Islamabad only has about 20 high-end Chinese-made J-10 fighters compared to the three dozen Rafales that Delhi can muster.
Pakistan is likely to build on existing relationships to intensify collaboration with China and Turkey to advance domestic drone research and production capabilities, said Oishee Majumdar of defence intelligence firm Janes.
Islamabad is relying on a collaboration between Pakistan's National Aerospace Science and Technology Park and Turkish defence contractor Baykar that locally assembles the YIHA-III drone, the Pakistani source said, adding a unit could be produced domestically in between two to three days.
Pakistan's military declined to respond to Reuters' questions. The Indian defence ministry and Baykar did not return requests for comment.
India and Pakistan "appear to view drone strikes as a way to apply military pressure without immediately provoking large-scale escalation," said King's College London political scientist Walter Ladwig III.
"UAVs allow leaders to demonstrate resolve, achieve visible effects, and manage domestic expectations — all without exposing expensive aircraft or pilots to danger," he added.
But such skirmishes are not entirely risk-free, and Ladwig noted that countries could also send UAVs to attack contested or densely populated areas where they might not previously have used manned platforms.
DRONE SWARMS AND VINTAGE GUNS
The fighting in May, which was the fiercest in this century between the neighbours, came after an April 22 militant attack in the disputed Himalayan region of Kashmir that killed 26 people, mostly Indian tourists.
Delhi blamed the killings on "terrorists" backed by Islamabad, which denied the charge. Indian Prime Minister Narendra Modi vowed revenge and Delhi on May 7 launched air strikes on what it described as "terrorist infrastructure" in Pakistan.
The next night, Pakistan sent hordes of drones along a 1,700-kilometer (772-mile) front with India, with between 300 and 400 of them pushing in along 36 locations to probe Indian air defences, Indian officials have said.
Pakistan depended on Turkish-origin YIHA-III and Asisguard Songar drones, as well as the Shahpar-II UAV produced domestically by the state-owned Global Industrial & Defence Solutions conglomerate, according to two Pakistani sources.
But much of this drone deployment was cut down by Cold War-era Indian anti-aircraft guns that were rigged to modern military radar and communication networks developed by state-run Bharat Electronics BAJE.NS, according to two Indian officials.
A Pakistan source denied that large numbers of its drones were shot down on May 8, but India did not appear to sustain significant damage from that drone raid.
India's use of the anti-aircraft guns, which had not been designed for anti-drone-warfare, turned out to be surprisingly effective, said retired Indian Brig. Anshuman Narang, now an UAV expert at Delhi's Centre for Joint Warfare Studies.
"Ten times better than what I'd expected," he said.
India also sent Israeli HAROP, Polish WARMATE and domestically-produced UAVs into Pakistani airspace, according to one Indian and two Pakistan sources. Some of them were also used for precision attacks on what two Indian officials described as military and militant infrastructure.
The two Pakistani security sources confirmed that India deployed a large number of the HAROPs - a long-range loitering munition drone manufactured by Israel Aerospace Industries. Such UAVs, also known as suicide drones, stay over a target before crashing down and detonating on impact.
Pakistan set up decoy radars in some areas to draw in the HAROPs, or waited for their flight time to come towards its end, so that they fell below 3,000 feet and could be shot down, a third Pakistani source said.
Both sides claim to have notched victories in their use of UAVs.
India successfully targeted infrastructure within Pakistan with minimal risk to personnel or major platforms, said KCL's Ladwig.
For Pakistan's military, which claimed to have struck Indian defence facilities with UAVs, drone attacks allow it to signal action while drawing less international scrutiny than conventional methods, he noted.
CHEAP BUT WITH AN ACHILLES HEEL
Despite the loss of many drones, both sides are doubling down.
"We're talking about relatively cheap technology," said Washington-based South Asia expert Michael Kugelman. "And while UAVs don't have the shock and awe effect of missiles and fighter jets, they can still convey a sense of power and purpose for those that launch them."
Indian defence planners are likely to expand domestic development of loitering munitions UAVs, according to an Indian security source and Sameer Joshi of Indian UAV maker NewSpace, which is deepening its research and development on such drones.
"Their ability to loiter, evade detection, and strike with precision marked a shift toward high-value, low-cost warfare with mass produced drones," said Joshi, whose firm supplies the Indian military.
And firms like ideaForge, which has supplied over 2,000 UAVs to the Indian security forces, are also investing on enhancing the ability of its drones to be less vulnerable to electronic warfare, said Saxena.
Another vulnerability that is harder to address is the Indian drone program's reliance on hard-to-replace components from China, an established military partner of Pakistan, four Indian dronemakers and officials said.
India continues to depend on China-made magnets and lithium for UAV batteries, said Drone Federation India's Shah.
"Weaponization of the supply chain is also an issue," said ideaForge's Saxena on the possibility of Beijing shutting the tap on components in certain situations.
For instance, Chinese restrictions on the sale of drones and components to Ukraine have weakened Kyiv's ability to produce critical combat drones, according to the Center for Strategic and International Studies think-tank.
A spokesperson for China's Foreign Ministry said in response to Reuters' questions that Beijing has always implemented export controls on dual-use items in accordance with domestic laws and regulations as well as its international obligations.
"Diversification of supply chain is a medium to long term problem," said Shah. "You can't solve it in short term."
($1 = 85.0470 Indian rupees)
(Additional reporting by Saeed Shah in Islamabad, Adnan Abidi in New Delhi, Nivedita Bhattacharjee in Bengaluru and Liz Lee in Beijing; Writing by Devjyot Ghoshal; Editing by Katerina Ang)
(([email protected];))
Indian defence stocks tumble after recent rally
** Shares of Indian defence company stocks are down between 3.5% and 8%
** Cochin Shipyard COCH.NS tumbles 8%, Paras defence PRAF.NS falls 6%, Ideaforge IDEF.NS down 5.7% and Garden Reach Shipbuilders GRSE.NS slips 3.5%
** Defence stocks are seeing profit booking, especially post the recent rally on the back of India-Pakistan conflict, said Sunny Agrawal, head of Fundamental Equity Research at SBI Securities
** Including session's move, PRAF up 17% so far in May; while COCH has gained 15% this month
** IDEF gained 42% in May, while GRSE rose 29.5%
(Reporting by Nishit Navin in Bengaluru)
** Shares of Indian defence company stocks are down between 3.5% and 8%
** Cochin Shipyard COCH.NS tumbles 8%, Paras defence PRAF.NS falls 6%, Ideaforge IDEF.NS down 5.7% and Garden Reach Shipbuilders GRSE.NS slips 3.5%
** Defence stocks are seeing profit booking, especially post the recent rally on the back of India-Pakistan conflict, said Sunny Agrawal, head of Fundamental Equity Research at SBI Securities
** Including session's move, PRAF up 17% so far in May; while COCH has gained 15% this month
** IDEF gained 42% in May, while GRSE rose 29.5%
(Reporting by Nishit Navin in Bengaluru)
India's defence stocks rise for sixth session, hit seven-week high
** India's defence stocks .NIFTYINDDEFENCE up more than 1% to seven-week high of 6,243.6 points; set for sixth straight day of gains
** Defence acquisition council approves purchase of arms and equipment worth more than 540 billion rupees ($6.3 billion)
** Defence index up more than 10% so far this week on bargain hunting and deal wins; YTD, index is down about 4%
** Garden Reach Shipbuilders & Engineers GRSE.NS up 30% for the week, signs pact with public works authority to supply steel bridges in Nagaland state
** GRSE on course for biggest pct gains since May 2024
** Cochin Shipyard COCH.NS and Mazagon Dock Shipbuilders MAZG.NS up nearly 12% each for the week, set for best pct gains since November 2024
** Bharat Electronics BAJE.NS and Hindustan Aeronautics HIAE.NS up 6.4% and 15%, respectively, for the week, while Ideaforge Technology IDEF.NS and Bharat Dynamics BARA.NS jump 19% and 15%, respectively
(Reporting by Vivek Kumar M)
(([email protected];))
** India's defence stocks .NIFTYINDDEFENCE up more than 1% to seven-week high of 6,243.6 points; set for sixth straight day of gains
** Defence acquisition council approves purchase of arms and equipment worth more than 540 billion rupees ($6.3 billion)
** Defence index up more than 10% so far this week on bargain hunting and deal wins; YTD, index is down about 4%
** Garden Reach Shipbuilders & Engineers GRSE.NS up 30% for the week, signs pact with public works authority to supply steel bridges in Nagaland state
** GRSE on course for biggest pct gains since May 2024
** Cochin Shipyard COCH.NS and Mazagon Dock Shipbuilders MAZG.NS up nearly 12% each for the week, set for best pct gains since November 2024
** Bharat Electronics BAJE.NS and Hindustan Aeronautics HIAE.NS up 6.4% and 15%, respectively, for the week, while Ideaforge Technology IDEF.NS and Bharat Dynamics BARA.NS jump 19% and 15%, respectively
(Reporting by Vivek Kumar M)
(([email protected];))
India's Garden Reach Shipbuilders set for steepest rise ever amid defence rally
** Shares of India's Garden Reach Shipbuilders & Engineers GRSE.NS soar 20%, on course for their steepest-ever daily percentage rise
** Other defence stocks rise as well; Nifty India Defence .NIFTYINDDEFENCE up 5%
** Bargain-hunting and Germany's massive defence spending boost sentiment
** "Street is expecting some benefits to flow through for domestic defence players especially in shipping sector," says Sunny Agrawal, head of fundamental equity research at SBICAPS Securities, on Germany's defence spending boost
** Adds, recent correction offers some valuation comfort in defence stocks
** Ideaforge Technology IDEF.NS and Mazagon Dock Shipbuilders MAZG.NS jump 16% and 10%, respectively, while Cochin Shipyard COCH.NS is up 9%
** Hindustan Aeronautics HIAE.NS and Bharat Dynamics BARA.NS jump 4.5% and 6%, respectively, while Paras Defense and Space Technologies PRAF.NS gains 5%
** YTD, GRSE, BARA, and MAZG turn positive, while COCH, PRAF, HIAE, and IDEF are still in the red
** Defence index up 19% so far in March, on course to snap a three-month losing streak
(Reporting by Vivek Kumar M)
(([email protected];))
** Shares of India's Garden Reach Shipbuilders & Engineers GRSE.NS soar 20%, on course for their steepest-ever daily percentage rise
** Other defence stocks rise as well; Nifty India Defence .NIFTYINDDEFENCE up 5%
** Bargain-hunting and Germany's massive defence spending boost sentiment
** "Street is expecting some benefits to flow through for domestic defence players especially in shipping sector," says Sunny Agrawal, head of fundamental equity research at SBICAPS Securities, on Germany's defence spending boost
** Adds, recent correction offers some valuation comfort in defence stocks
** Ideaforge Technology IDEF.NS and Mazagon Dock Shipbuilders MAZG.NS jump 16% and 10%, respectively, while Cochin Shipyard COCH.NS is up 9%
** Hindustan Aeronautics HIAE.NS and Bharat Dynamics BARA.NS jump 4.5% and 6%, respectively, while Paras Defense and Space Technologies PRAF.NS gains 5%
** YTD, GRSE, BARA, and MAZG turn positive, while COCH, PRAF, HIAE, and IDEF are still in the red
** Defence index up 19% so far in March, on course to snap a three-month losing streak
(Reporting by Vivek Kumar M)
(([email protected];))
Ideaforge Technology Invests $1.83 Million In Vantage Robotics
Feb 20 (Reuters) - ideaForge Technology Ltd IDEF.NS:
INVESTS $1.83 MILLION IN VANTAGE ROBOTICS
Source text: ID:nBSE68ygg0
Further company coverage: IDEF.NS
(([email protected];;))
Feb 20 (Reuters) - ideaForge Technology Ltd IDEF.NS:
INVESTS $1.83 MILLION IN VANTAGE ROBOTICS
Source text: ID:nBSE68ygg0
Further company coverage: IDEF.NS
(([email protected];;))
ideaForge Technology Files Special Leave Petition In Supreme Court Of India
Feb 18 (Reuters) - ideaForge Technology Ltd IDEF.NS:
FILES SPECIAL LEAVE PETITION IN SUPREME COURT OF INDIA
PETITION CHALLENGES JAN 31, 2025 ORDER BY MADRAS HIGH COURT
Source text: ID:nBSE8sRMwh
Further company coverage: IDEF.NS
(([email protected];;))
Feb 18 (Reuters) - ideaForge Technology Ltd IDEF.NS:
FILES SPECIAL LEAVE PETITION IN SUPREME COURT OF INDIA
PETITION CHALLENGES JAN 31, 2025 ORDER BY MADRAS HIGH COURT
Source text: ID:nBSE8sRMwh
Further company coverage: IDEF.NS
(([email protected];;))
Ideaforge Technology Says High Court Of Madras Dismisses Co's Petition
Feb 5 (Reuters) - ideaForge Technology Ltd IDEF.NS:
IDEAFORGE TECHNOLOGY LTD - HIGH COURT OF MADRAS DISMISSES CO'S PETITION
Source text: ID:nBSE440LSz
Further company coverage: IDEF.NS
(([email protected];;))
Feb 5 (Reuters) - ideaForge Technology Ltd IDEF.NS:
IDEAFORGE TECHNOLOGY LTD - HIGH COURT OF MADRAS DISMISSES CO'S PETITION
Source text: ID:nBSE440LSz
Further company coverage: IDEF.NS
(([email protected];;))
Indian defence stocks gain after govt's $2.6 bln proposal approval
** Indian defence stocks rise between 1.3% and 4%
** The Defence Acquisition Council approves five proposals worth 217.72 bln rupees ($2.57 bln) to enhance operational capabilities of the armed forces
** Data Patterns Ltd DATP.NS leads pack with 4% gain; state-owned Hindustan Aeronautics Ltd HIAE.NS and Bharat Electronics Ltd BAJE.NS rise 1.3% and 1.6% respectively
** Mazagon Dock Shipbuilders Ltd MAZG.NS, Bharat Dynamics Ltd BARA.NS, Ideaforge Technology Ltd IDEF.NS, Paras Defence and Space Technologies Ltd PRAF.NS up between 1.9% and 3.1%
** Analysts tracking stocks rate most at "buy" or higher; PRAF rated "sell" and MAZG at "hold" - LSEG data
** MAZG leads pack with YTD gains of 110%
($1 = 84.6700 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Indian defence stocks rise between 1.3% and 4%
** The Defence Acquisition Council approves five proposals worth 217.72 bln rupees ($2.57 bln) to enhance operational capabilities of the armed forces
** Data Patterns Ltd DATP.NS leads pack with 4% gain; state-owned Hindustan Aeronautics Ltd HIAE.NS and Bharat Electronics Ltd BAJE.NS rise 1.3% and 1.6% respectively
** Mazagon Dock Shipbuilders Ltd MAZG.NS, Bharat Dynamics Ltd BARA.NS, Ideaforge Technology Ltd IDEF.NS, Paras Defence and Space Technologies Ltd PRAF.NS up between 1.9% and 3.1%
** Analysts tracking stocks rate most at "buy" or higher; PRAF rated "sell" and MAZG at "hold" - LSEG data
** MAZG leads pack with YTD gains of 110%
($1 = 84.6700 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
Indian drone-related firms rise; govt plans new incentive scheme
** Shares of Zen Technologies ZETE.NS, Paras Defence and Space Technologies PRAF.NS, and ideaForge Technology IDEF.NS rise 2.2%, 8% and 2.1% respectively
** India's government is planning an incentive scheme for the drone sector to enhance implementation and documentation, a government official said at an industry body event
** Paras and ideaForge manufacture drones, while Zen is involved in the production of anti-drone systems
** ZETE set for biggest one-day gain in more than 2 months; more than 414,000 shares traded, highest in over 2 weeks
** Vols on PRAF at highest since late-August, with 144,000 shares traded
** PRAF up 54.5% YTD vs 125% jump in ZETE; IDEF down 17%
(Reporting by Aleef Jahan in Bengaluru)
** Shares of Zen Technologies ZETE.NS, Paras Defence and Space Technologies PRAF.NS, and ideaForge Technology IDEF.NS rise 2.2%, 8% and 2.1% respectively
** India's government is planning an incentive scheme for the drone sector to enhance implementation and documentation, a government official said at an industry body event
** Paras and ideaForge manufacture drones, while Zen is involved in the production of anti-drone systems
** ZETE set for biggest one-day gain in more than 2 months; more than 414,000 shares traded, highest in over 2 weeks
** Vols on PRAF at highest since late-August, with 144,000 shares traded
** PRAF up 54.5% YTD vs 125% jump in ZETE; IDEF down 17%
(Reporting by Aleef Jahan in Bengaluru)
India's DroneAcharya rises on deal to re-sell, make radar products
** Shares of DroneAcharya Aerial Innovations DRON.BO rose as much as 4.2%, last up 2.8% at 133 rupees
** Drone-maker signed a deal to become re-seller of SISIR Radar products in Southeast Asia and Africa and to jointly develop radar-based products
** Stock fell in three straight weeks, losing 6.6%; it is up 1.6% so far this week
** DRON down ~30% YTD vs ~15% decline in rival ideaForge Technology IDEF.NS
(Reporting by Varun Vyas in Bengaluru)
** Shares of DroneAcharya Aerial Innovations DRON.BO rose as much as 4.2%, last up 2.8% at 133 rupees
** Drone-maker signed a deal to become re-seller of SISIR Radar products in Southeast Asia and Africa and to jointly develop radar-based products
** Stock fell in three straight weeks, losing 6.6%; it is up 1.6% so far this week
** DRON down ~30% YTD vs ~15% decline in rival ideaForge Technology IDEF.NS
(Reporting by Varun Vyas in Bengaluru)
India's ideaForge Technology drops on Q1 profit slump
** Shares of India's ideaForge Technology IDEF.SN slump 10.8% to 765.45 rupees
** Co, which makes drones and unmanned aircraft systems, said consol Q1 net profit tanked ~94% y/y, revenue fell 11%
** Trading vols 2.2x 30-day avg
** YTD stock has fallen 7%
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Shares of India's ideaForge Technology IDEF.SN slump 10.8% to 765.45 rupees
** Co, which makes drones and unmanned aircraft systems, said consol Q1 net profit tanked ~94% y/y, revenue fell 11%
** Trading vols 2.2x 30-day avg
** YTD stock has fallen 7%
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
Ideaforge Technology Enters Share Subscription Agreement With Galaxeye Space Solutions
July 10 (Reuters) - ideaForge Technology Ltd IDEF.NS:
IDEAFORGE TECHNOLOGY - CO ENTERED INTO SHARE SUBSCRIPTION AGREEMENT WITH GALAXEYE SPACE SOLUTIONS
IDEAFORGE TECHNOLOGY - CO TO BUY SHARES OF GALAXEYE SPACE SOLUTIONS WORTH 82.9 MILLION RUPEES
Source text for Eikon: ID:nBSE4DMptn
Further company coverage: IDEF.NS
(([email protected];))
July 10 (Reuters) - ideaForge Technology Ltd IDEF.NS:
IDEAFORGE TECHNOLOGY - CO ENTERED INTO SHARE SUBSCRIPTION AGREEMENT WITH GALAXEYE SPACE SOLUTIONS
IDEAFORGE TECHNOLOGY - CO TO BUY SHARES OF GALAXEYE SPACE SOLUTIONS WORTH 82.9 MILLION RUPEES
Source text for Eikon: ID:nBSE4DMptn
Further company coverage: IDEF.NS
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India's Ideaforge Technology rises on report it will enter US drone market
** Shares of Ideaforge Technology IDEF.NS rise as much as 7.3% to 782.3 rupees before trimming some gains to trade 3.3% higher
** The drone maker is entering the U.S. drone market, Indian daily The Hindu reports, citing news agency PTI
** Ideaforge Technology did not immediately respond to Reuters request for comment
** Shares of space-linked cos rose between 0.2% and 8% on Thursday after govt relaxed foreign investment rules
** Stock set for best weekly rise since its listing in July 2023
** Trading vol is 3x the 30-day daily avg, tops 1 mln for the sixth time since listing
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected] ;))
** Shares of Ideaforge Technology IDEF.NS rise as much as 7.3% to 782.3 rupees before trimming some gains to trade 3.3% higher
** The drone maker is entering the U.S. drone market, Indian daily The Hindu reports, citing news agency PTI
** Ideaforge Technology did not immediately respond to Reuters request for comment
** Shares of space-linked cos rose between 0.2% and 8% on Thursday after govt relaxed foreign investment rules
** Stock set for best weekly rise since its listing in July 2023
** Trading vol is 3x the 30-day daily avg, tops 1 mln for the sixth time since listing
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected] ;))
Indian space-linked cos up on govt relaxing foreign investment rules
** Shares of most space technology firms up after Indian govt on Wednesday relaxed some rules around foreign direct investment in space sector
** MTAR Technologies MTAR.NS, Paras Defence PRAF.NS, Indo National INNL.NS, Mishra Dhatu Nigam MISR.NS, ideaForge Technology IDEF.NS up between 0.2% and 8%
** IDEF, INNL were up roughly 2%-3%, before giving up most gains
** Moon mission-linked stocks had gained on Aug. 23, 2023 ahead of landing attempt, and the next day after a successful landing
** However, IDEF and INNL have declined between 6%-27% since the moon landing, while most of the other stocks have risen
Indian space-related stocks movement since moon landing https://tmsnrt.rs/3T7XmKv
(Reporting by Varun Vyas in Bengaluru)
** Shares of most space technology firms up after Indian govt on Wednesday relaxed some rules around foreign direct investment in space sector
** MTAR Technologies MTAR.NS, Paras Defence PRAF.NS, Indo National INNL.NS, Mishra Dhatu Nigam MISR.NS, ideaForge Technology IDEF.NS up between 0.2% and 8%
** IDEF, INNL were up roughly 2%-3%, before giving up most gains
** Moon mission-linked stocks had gained on Aug. 23, 2023 ahead of landing attempt, and the next day after a successful landing
** However, IDEF and INNL have declined between 6%-27% since the moon landing, while most of the other stocks have risen
Indian space-related stocks movement since moon landing https://tmsnrt.rs/3T7XmKv
(Reporting by Varun Vyas in Bengaluru)
Ideaforge Technology Received 91.9 Mln Rupees From Tata AIG General Insurance Co Against Claim Made Due To Fire Incident
Oct 4 (Reuters) - ideaForge Technology Ltd IDEF.NS:
RECEIVED 91.9 MILLION RUPEES FROM TATA AIG GENERAL INSURANCE CO AGAINST CLAIM MADE DUE TO FIRE INCIDENT
Source text for Eikon: ID:nBSE2NDxv9
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Oct 4 (Reuters) - ideaForge Technology Ltd IDEF.NS:
RECEIVED 91.9 MILLION RUPEES FROM TATA AIG GENERAL INSURANCE CO AGAINST CLAIM MADE DUE TO FIRE INCIDENT
Source text for Eikon: ID:nBSE2NDxv9
Further company coverage: IDEF.NS
(([email protected];))
India's Ideaforge Technology up on $7 mln order win
** Shares of drone maker Ideaforge Technology IDEF.NS up as much as 4.9% to 979.55 rupees
** Co secures order worth about 580 mln rupees ($6.99 million)
** Order to supply 400 surveillance copter with accessories to M/s. Strategic Marketing
** More than 128,000 shares change hands in early trade, 0.7x the 30-day avg
($1 = 82.9250 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru)
(([email protected]; +91 8805175330 ;))
** Shares of drone maker Ideaforge Technology IDEF.NS up as much as 4.9% to 979.55 rupees
** Co secures order worth about 580 mln rupees ($6.99 million)
** Order to supply 400 surveillance copter with accessories to M/s. Strategic Marketing
** More than 128,000 shares change hands in early trade, 0.7x the 30-day avg
($1 = 82.9250 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru)
(([email protected]; +91 8805175330 ;))
Ideaforge Technology Says Co Received Demand Notice From Directorate General Of Civil Aviation
Sept 21 (Reuters) - ideaForge Technology Ltd IDEF.NS:
CO RECEIVED DEMAND NOTICE FROM DIRECTORATE GENERAL OF CIVIL AVIATION
NOTICE REGARDING CO'S FAILURE TO COMPLY WITH RULE 17 OF DRONE RULES
Source text for Eikon: ID:nNSE5ltB3c
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Sept 21 (Reuters) - ideaForge Technology Ltd IDEF.NS:
CO RECEIVED DEMAND NOTICE FROM DIRECTORATE GENERAL OF CIVIL AVIATION
NOTICE REGARDING CO'S FAILURE TO COMPLY WITH RULE 17 OF DRONE RULES
Source text for Eikon: ID:nNSE5ltB3c
Further company coverage: IDEF.NS
(([email protected];;))
Ideaforge Technology Receives Orders Worth About 880.6 Million Rupees
Aug 9 (Reuters) - ideaForge Technology Ltd IDEF.NS:
RECEIVED ORDERS WORTH ABOUT 880.6 MILLION RUPEES
ORDER TO SUPPLY SURVEILLANCE QUADCOPTERS WITH ACCESSORIES TO ONE OF FORCES UNDER MINISTRY OF DEFENCE, GOVERNMENT OF INDIA
Source text for Eikon: ID:nBSE22clb6
Further company coverage: IDEF.NS
(([email protected];))
Aug 9 (Reuters) - ideaForge Technology Ltd IDEF.NS:
RECEIVED ORDERS WORTH ABOUT 880.6 MILLION RUPEES
ORDER TO SUPPLY SURVEILLANCE QUADCOPTERS WITH ACCESSORIES TO ONE OF FORCES UNDER MINISTRY OF DEFENCE, GOVERNMENT OF INDIA
Source text for Eikon: ID:nBSE22clb6
Further company coverage: IDEF.NS
(([email protected];))
BREAKINGVIEWS-Drone IPO gives wings to India’s defence industry
The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Updates to add chart.
By Pranav Kiran
BENGALURU, July 11 (Reuters Breakingviews) - Defence stocks in India may scale new heights. Drone maker ideaForge Technology’s IDEF.NS shares have nearly doubled from their initial public offering price since their Mumbai debut on Friday. It’s a sign that investors are betting big on New Delhi’s military spending hike.
Founded in 2007, ideaForge claimed more than 50% of India’s drone market last year. It’s a nascent market, at $43 million in sales, per consulting firm 1Lattice. But that figure is expected to increase 20-fold by 2027, thanks to New Delhi’s ambitions to modernise its military. The country is forecast to spend $130 billion on defence by 2029, according to Defence Minister Rajnath Singh. That puts ideaForge in a sweet spot: its biggest customer is the Indian government, which accounted for about 70% of its top line last year.
The country increased overall defence spending by 13% in its February budget. It has long had tense relations – and occasional border skirmishes – with neighbours China and Pakistan. All three of them possess nuclear weapons. And India is the world’s largest importer of arms, so the government is moving to reduce its reliance on overseas shipments: in 2020, it liberalised foreign direct investments in the defence sector as part of an attempt to have firms like Lockheed Martin LMT.N manufacture locally. Last February, the country banned drone imports, effectively blocking products made by China’s DJI. Such policies, plus generous government subsidies, are handing a huge windfall to homegrown manufacturers like ideaForge.
Little wonder investors have piled into the drone-maker and peers. Demand for ideaForge’s IPO exceeded 100 times the shares on offer, IFR reports; as of Monday, the company, backed by heavyweights including the $129 billion Qualcomm QCOM.O and local IT giant Infosys INFY.NS, boasted an equity valuation of $586 million, or an eye-watering 151 times its earnings for the last fiscal year. That’s well above compatriots like MTAR Technologies MTAR.NS and Data Patterns DATP.NS, which trade on 47 and 57 times respectively. In the first half of the year, a National Stock Exchange index tracking defence stocks has returned 24.16% to shareholders, easily beating the 6.58% from the broader Nifty 50 Index over the same period.
India’s defence companies are just starting to take off.
Follow @PranavKiranBV on Twitter
CONTEXT NEWS
Drone maker ideaForge Technology’s Mumbai shares closed down 10.2% to 1162.40 rupees on July 10 after rising 93% from their initial public offering price on their first-day trading on July 7.
The company issued 2.4 billion rupees ($29 million) worth of primary shares while existing investors sold an additional 3.3 billion rupees worth of secondary shares.
In the fiscal year to March 2023, ideaForge’s earnings were 320 million rupees, and 597 million rupees after excluding share-based compensation.
Total returns for India's defence stocks outperform https://tmsnrt.rs/3JTB2Pz
(Editing by Robyn Mak and Thomas Shum)
((For previous columns by the author, Reuters customers can click on KIRAN/
SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS https://bit.ly/BVsubscribe | [email protected]; Reuters Messaging: [email protected]@reuters.net))
The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Updates to add chart.
By Pranav Kiran
BENGALURU, July 11 (Reuters Breakingviews) - Defence stocks in India may scale new heights. Drone maker ideaForge Technology’s IDEF.NS shares have nearly doubled from their initial public offering price since their Mumbai debut on Friday. It’s a sign that investors are betting big on New Delhi’s military spending hike.
Founded in 2007, ideaForge claimed more than 50% of India’s drone market last year. It’s a nascent market, at $43 million in sales, per consulting firm 1Lattice. But that figure is expected to increase 20-fold by 2027, thanks to New Delhi’s ambitions to modernise its military. The country is forecast to spend $130 billion on defence by 2029, according to Defence Minister Rajnath Singh. That puts ideaForge in a sweet spot: its biggest customer is the Indian government, which accounted for about 70% of its top line last year.
The country increased overall defence spending by 13% in its February budget. It has long had tense relations – and occasional border skirmishes – with neighbours China and Pakistan. All three of them possess nuclear weapons. And India is the world’s largest importer of arms, so the government is moving to reduce its reliance on overseas shipments: in 2020, it liberalised foreign direct investments in the defence sector as part of an attempt to have firms like Lockheed Martin LMT.N manufacture locally. Last February, the country banned drone imports, effectively blocking products made by China’s DJI. Such policies, plus generous government subsidies, are handing a huge windfall to homegrown manufacturers like ideaForge.
Little wonder investors have piled into the drone-maker and peers. Demand for ideaForge’s IPO exceeded 100 times the shares on offer, IFR reports; as of Monday, the company, backed by heavyweights including the $129 billion Qualcomm QCOM.O and local IT giant Infosys INFY.NS, boasted an equity valuation of $586 million, or an eye-watering 151 times its earnings for the last fiscal year. That’s well above compatriots like MTAR Technologies MTAR.NS and Data Patterns DATP.NS, which trade on 47 and 57 times respectively. In the first half of the year, a National Stock Exchange index tracking defence stocks has returned 24.16% to shareholders, easily beating the 6.58% from the broader Nifty 50 Index over the same period.
India’s defence companies are just starting to take off.
Follow @PranavKiranBV on Twitter
CONTEXT NEWS
Drone maker ideaForge Technology’s Mumbai shares closed down 10.2% to 1162.40 rupees on July 10 after rising 93% from their initial public offering price on their first-day trading on July 7.
The company issued 2.4 billion rupees ($29 million) worth of primary shares while existing investors sold an additional 3.3 billion rupees worth of secondary shares.
In the fiscal year to March 2023, ideaForge’s earnings were 320 million rupees, and 597 million rupees after excluding share-based compensation.
Total returns for India's defence stocks outperform https://tmsnrt.rs/3JTB2Pz
(Editing by Robyn Mak and Thomas Shum)
((For previous columns by the author, Reuters customers can click on KIRAN/
SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS https://bit.ly/BVsubscribe | [email protected]; Reuters Messaging: [email protected]@reuters.net))
Indian drone maker ideaForge nearly doubles in market debut
** Shares of drone maker ideaForge IDEF.NS nearly double in market debut
** Shares opened at 1,300 rupees on NSE vs IPO price of 672 rupees
** Stock hit a high of 1,343.95 rupees and low is 1,260 rupees
** IPO comprised fresh issue worth up to 2.4 bln rupees (~$29 mln) and offer for sale up to 3.3 bln rupees
** Issue was subscribed 106x
** "Despite expensive ask valuation, ideaForge attracted stronger response due to its market leadership in Indian unmanned aircraft systems," says Prashanth Tapse, Senior VP (Research), Mehta Equities
** About 7.4 mln shares change hands in early trade
($1 = 82.6780 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru)
(([email protected]; (+91 8061822737); Reuters Messaging: [email protected]))
** Shares of drone maker ideaForge IDEF.NS nearly double in market debut
** Shares opened at 1,300 rupees on NSE vs IPO price of 672 rupees
** Stock hit a high of 1,343.95 rupees and low is 1,260 rupees
** IPO comprised fresh issue worth up to 2.4 bln rupees (~$29 mln) and offer for sale up to 3.3 bln rupees
** Issue was subscribed 106x
** "Despite expensive ask valuation, ideaForge attracted stronger response due to its market leadership in Indian unmanned aircraft systems," says Prashanth Tapse, Senior VP (Research), Mehta Equities
** About 7.4 mln shares change hands in early trade
($1 = 82.6780 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru)
(([email protected]; (+91 8061822737); Reuters Messaging: [email protected]))
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What does Ideaforge Technology do?
Ideaforge Technology Limited manufactures and markets UAV systems for security and surveillance. It also provides training and maintenance services. Its product portfolio includes hardware, software, and solutions to meet diverse customer demands.
Who are the competitors of Ideaforge Technology?
Ideaforge Technology major competitors are Bharat Dynamics, MTAR Technologies, NIBE, Sika Interplant Sys, HLE Glascoat, Kilburn Engg., Thejo Engineering. Market Cap of Ideaforge Technology is ₹2,552 Crs. While the median market cap of its peers are ₹2,766 Crs.
Is Ideaforge Technology financially stable compared to its competitors?
Ideaforge Technology seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Ideaforge Technology pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Ideaforge Technology latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Ideaforge Technology allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments
How strong is Ideaforge Technology balance sheet?
Balance sheet of Ideaforge Technology is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Ideaforge Technology improving?
The profit is oscillating. The profit of Ideaforge Technology is -₹62.28 Crs for TTM, ₹45.27 Crs for Mar 2024 and ₹31.99 Crs for Mar 2023.
Is the debt of Ideaforge Technology increasing or decreasing?
Yes, The net debt of Ideaforge Technology is increasing. Latest net debt of Ideaforge Technology is -₹96.76 Crs as of Mar-25. This is greater than Mar-24 when it was -₹547.48 Crs.
Is Ideaforge Technology stock expensive?
Ideaforge Technology is not expensive. Latest PE of Ideaforge Technology is 0.0, while 3 year average PE is 99.34. Also latest EV/EBITDA of Ideaforge Technology is 0.0 while 3yr average is 69.38.
Has the share price of Ideaforge Technology grown faster than its competition?
Ideaforge Technology has given lower returns compared to its competitors. Ideaforge Technology has grown at ~-10.35% over the last 1yrs while peers have grown at a median rate of 4.0%
Is the promoter bullish about Ideaforge Technology?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Ideaforge Technology is 29.17% and last quarter promoter holding is 29.23%
Are mutual funds buying/selling Ideaforge Technology?
The mutual fund holding of Ideaforge Technology is decreasing. The current mutual fund holding in Ideaforge Technology is 1.02% while previous quarter holding is 1.96%.