Ideaforge Technology

IdeaForge Technology on Thursday closed its qualified institutions placement, allocating 6,289,308 equity shares at ₹795 each, raising roughly ₹500 crore. The issue price reflects a 4.89% discount to the floor price of ₹835.86 set earlier. The allocation was approved by the Fund Raising Committee at a meeting that concluded late evening. The shares carry a premium of ₹785 per share, and the placement document is available on the company's website.

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IdeaForge Technology on Tuesday opened a qualified institutions placement (QIP) of equity shares following shareholder and board committee approval, setting a floor price of ₹835.86 per share. Shareholders had authorized the fundraising through a special resolution passed via postal ballot on July 4, and the Fund Raising Committee of the board gave its nod at a meeting on July 7. The company may offer a discount of up to 5% on the floor price; the final issue price will be determined in consultation with book-running lead managers. The preliminary placement document is available on the company's website.

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** Shares of ideaForge Technology IDEF.NS rise 5% to 900 rupees

** Unmanned aerial vehicles maker approves raising of funds up to 5 bln rupees ($52.3 mln) via issue of shares or other securities

** YTD, IDEF up ~92%

($1 = 95.7000 Indian rupees)

(Reporting by Vijay Malkar)

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By Aftab Ahmed and Saurabh Sharma

NEW DELHI, June 3 (Reuters) - India is likely to order more than $2 billion worth of military drones from domestic firms this year in its biggest such purchase, an industry body working with the government told Reuters, as global and regional conflicts boost demand.

The plans are in advanced stages with deliveries expected over 18 to 24 months, for a jump in value from recent government orders worth 30 billion rupees ($313 million) for tactical-class drones, said Smit Shah, president of the body.

"In the next phase, tactical drone procurements in India may exceed 200 billion rupees, or more than $2 billion," said Shah, whose Drone Federation India represents more than 550 companies and works closely with the government.

Shah said the new orders may follow a fast-track procurement route designed to meet urgent operational needs, with deliveries probably needed within 24 months.

The defence ministry did not immediately respond to requests for comment on the likely purchase order, which Reuters is the first to report.

OFFENSIVE POTENTIAL OF LOW-COST DRONES IN SPOTLIGHT

India's push follows clashes with arch-rival Pakistan in May last year, when both sides deployed unmanned aerial vehicles at scale for the first time, highlighting the offensive potential of low-cost drones.

The conflicts in Ukraine and Iran have further sped adoption globally, driving down costs and reshaping battlefield tactics.

In March, the defence ministry approved a proposal worth about 2.38 trillion rupees ($24.85 billion) to buy transport aircraft, missiles system and "remotely piloted strike aircraft", or armed drones, without giving a spending breakdown.

"Drones are force multipliers on the modern battlefield," said Ramesh Chandra Padhi, an executive at IG Defence, a builder of advanced unmanned aerial and short-range missile systems.

"The Indian army is following emergency or fast-track procurement to expedite the induction of drones on a very large scale," the former senior army officer added.

DRONE INDUSTRY EXPLODES IN INDIA

India has more than 600 firms making drones and components, with more than 100 focused on defence applications.

The companies range from large players such as Adani Group, Larsen & Toubro and Tata Advanced Systems to startups like ideaForge, Newspace Research and Asteria Aerospace.

They work on building reconnaissance, logistics, loitering munition, precision-strike and critical component systems.

In recent years, India has overhauled a typically slow defence procurement process to allow faster acquisition of drones, particularly after clashes with Pakistan exposed gaps in surveillance and strike capabilities, Reuters has reported.

New Delhi has started relying on emergency procurement powers and swifter efforts under the Defence Acquisition Procedure, compressing timelines to months instead of years.

At the same time, in its push to boost domestic manufacturing, it is giving priority to systems made at home.

The government has also expanded schemes such as Innovations for Defence Excellence (iDEX) to fund prototypes and enable smaller firms to win initial orders and help scale up production quicker.

At the same time, the defence ministry has opened more areas of procurement to startups and private firms, eased testing norms and pushed the armed forces to add systems through repeat and interim orders that let companies refine products rapidly.

The changes are reshaping India's drone industry, long dominated by small players, as better order visibility and policy support unlock funding and partnerships, DFI's Shah said.

Venture investment and tie-ups with larger defence firms have picked up, with companies ramping up manufacturing and research to fill rising military demand, he added.

($1=95.7750 rupees)

(Reporting by Aftab Ahmed and Saurabh Sharma; Editing by Clarence Fernandez)

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** India's defence stocks .NIFTYINDDEFENCE gain 4.9% this week, and have risen 9.9% over four weeks in their longest winning run since June

** Escalating U.S. and Israeli war with Iran boosts shares

** Paras Defence PRAF.NS leads weekly gains with an 18.4% jump, trailed by dronemaker Ideaforge's IDEF.NS 9% climb

** Bharat Dyanmics BARA.NS, which counts Israeli defence equipment maker Rafael among its clients, rises 7.2% for the week

** Peer Bharat Electronics BAJE.NS gains 6.1% to be the top weekly gainer on benchmark Nifty 50 .NSEI

** Zen Technologies ZETE.NS up 4.5% this week

** YTD, defence index up 10.1%

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Paras Defence and Space Technologies PRAF.NS jump 6.4% to 713.8 rupees after tie-up with South Korea's Green Optics 0015G0.KQ

** Pact includes joint development, manufacturing, business development of optics & optical systems for space and defence applications

** PRAF rose as much as 11.8% earlier in the session following the news

** PRAF and rival ideaForge Technology IDEF.NS soared about 13% and 10%, respectively, since Middle East war broke out over the weekend, which boosted expectations of demand for drones

** YTD, PRAF up nearly 5%, IDEF trims loss to 3.4%

(Reporting by Nandan Mandayam in Bengaluru)

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** Nothing much exciting about India's budget, says CLSA

** Says, adjusted capex growth pegged at 10.7% in FY27 vs 6.2% in FY26 largely in-line with market consensus

** Brokerage expects defence growth to slow on a high base, and railways and roads to pick up on a low base

** Notes that FY26 revised capex for defence at 2.2 trillion rupees vs budget estimate of 1.8 trillion rupees; adds FY27 defence capex to grow by a muted 5.2% on this revised estimate

** Meanwhile, capex for railways and roads declined by 1.5% and 11.3% in FY26; CLSA now expects these two areas to grow 10.5% and 9.1% in FY27

** On Monday, defence stocks .NIFTYINDDEFENCE were down 0.3% and infra stocks .NIFTYINFR were trading 0.6% higher

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Indian defence stocks climb between 1.5% and 5.2% ahead of India's federal budget for fiscal 2027

** Investors expect higher defence spending from the government, which aims to accelerate push for local manufacturing

** Drone maker Ideaforge Tech IDEF.NS leads gains among pack with 5% climb; Data Patterns DATP.NS up 4.5%

** Defence equipment makers Bharat Electronics BAJE.NS and Bharat Dynamics BARA.NS rise about 2.4% each, Garden Reach Shipbuilders GRSE.NS gains 2.3%

** Nifty India defence index up 1.9%, climbed 5.6% in January

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of ideaForge Technology IDEF.NS fall 5% to 406.6 rupees, lowest since May 8

** Unmanned aerial vehicles maker's Q3 loss after tax widens to 338.5 million rupees ($3.7 million) from 240.2 million rupees a year earlier due to a spike in expenses; rev up 79%

** Stock down 20.6% in 2025

($1 = 91.4662 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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** Shares of IdeaForge Technology IDEF.NS fall 6.6% to 509 rupees, marking steepest intraday percentage loss since October 29 2024

** Co, which makes drones and unmanned aircraft systems, posts a consol net loss of 235.5 million rupees ($2.73 mln) in Q1, compared to a profit of 11.7 million rupees a year ago

** Revenue from operations falls 85.2%

** More than 581,805 shares change hands, 0.6x of 30-day avg

** Stock down 13.5% YTD

($1 = 86.3850 Indian rupees)

(Reporting by Rudra Pratap Singh in Bengaluru)

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** Indian defence and shipbuilder stocks drop after U.S. President Donald Trump announced a ceasefire between Iran and Israel after a 12-day conflict

** Shipbuilder Garden Reach GRSE.NS leads losses with 6.7% slump, trailed by 4.3% drop in Paras Defence PRAF.NS

** Defence index .NIFTYINDDEFENCE drops 2%, set for its worst day in a month

** The index gained 5% since June 13 when the conflict began

** Defence equipment makers Zen Tech ZETE.NS and Bharat Dynamics BARA.NS shed 3.6% and 3.4%, respectively; Bharat Electronics BAJE.NS down 0.4%

** Warplane maker HAL HIAE.NS and drone maker Ideaforge IDEF.NS lose ~2% each

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of ideaForge Technology IDEF.NS jump 10% to 631.05 rupees, their highest level in more-than 5 months

** Co, which makes drones and unmanned aircraft systems, got an order from the Indian government worth 1.37 billion rupees (~$16 million) for the supply of mini drones and appliances

** About 3.7 million shares traded, 2.2x the 30-day avg

** Stock reverses YTD losses; IDEF now up ~7% so far this year

($1 = 86.6870 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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Repeats story from Tuesday morning in Asia

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)

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** 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 .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];))

** 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)

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Feb 20 (Reuters) - ideaForge Technology Ltd IDEF.NS:

• INVESTS $1.83 MILLION IN VANTAGE ROBOTICS

Source text: ID:nBSE68ygg0

Further company coverage: IDEF.NS

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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

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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

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** 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;))

** 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)

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** 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)

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** 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)

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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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** 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)

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** 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

(Reporting by Varun Vyas in Bengaluru)

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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

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** 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)

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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

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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

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