Shares of drone manufacturer Ideaforge Technology surged 6% in Monday’s trade after a report from Zee suggested that the government may cut the Goods and Services Tax (GST) on drones from 18% to 5%.
The potential tax relief kept defence and drone-linked stocks like Bharat Electronics (BEL) and Ideaforge in focus. Investors are betting on stronger adoption of unmanned aerial vehicles across defence, agriculture, and industrial applications if the GST cut is implemented.
Ideaforge shares opened at ₹490.05, compared with its previous close of ₹487.65. The stock hit an intraday high of ₹520.00 and a low of ₹480.75. Its 52-week high stands at ₹730.10, while the 52-week low is ₹304.20. The shares were up 6.63% at ₹520.00 apiece around 2.39 pm. It has declined 16.71% this year, so far.
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