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Aeroflex and Ideaforge shares dip amid broader market downturn

EditorAmbhini Aishwarya
Published 09-10-2023, 04:00 pm
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Shares of newly listed Indian companies Aeroflex Industries and Ideaforge Technology experienced a slump on Monday, in line with a wider 0.60% decline in the BSE Sensex. This downward trend also impacted other recent entrants to the market, including IKIO Lighting, Sai Silks (Kalamandir), and Updater Services. Notably, shares of Sai Silks and Updater Services fell below their issue prices of ₹222 and ₹300 per share, respectively.

Ideaforge Technology, a dominant player in the Indian unmanned aircraft systems (UAS) market with a 50% share in Fiscal 2022, saw its shares fall for six consecutive trading days. The company's shares are down by 41% from its listing day high of ₹1,344, but still trading at a 17% premium to its issue price.

Despite the recent decline, Ideaforge has shown signs of financial recovery. In Q1FY24, the company reported a year-over-year drop of 54.3% in profit after tax and revenues of ₹97.07 crore (INR100 crore = approx. USD12 million). However, this marks an improvement from a loss of ₹54.2 crore in Q4FY23. The company's EBITDA margin contracted to 29.4%.

Aeroflex Industries, known for its metallic flexible flow solution products, also experienced a dip in share value. The company's shares dropped by 3% on August 31 from its debut day high of ₹197.40 but remained 31% higher over its issue price of ₹108 per share.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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