RattanIndia Enterprises shares surge 11% on certification for DOPO drone
RattanIndia Enterprises is engaged in new-age businesses including e-commerce (Cocoblu Retail), electric vehicles (Revolt Motors), fintech (Wefin), fashion brands (Neobrands), and drones (Neosky).
Shares of RattanIndia Enterprises, the flagship company of Rattanindia Group, zoomed 11% to ₹57.40 apiece in Wednesday's early trade. This sharp uptick in shares came after the company received DGCA’s certification for its drone product. At 10:15 AM, the stock was trading with a gain of 8.12% at ₹55.90.
The company announced today that Throttle Aerospace Systems (TAS) received type-certification for its drone product, DOPO, from the Directorate General of Civil Aviation (DGCA).
"DOPO is a multipurpose drone, and with this type of certification, it can be deployed across multiple industries like survey, mapping, inspection, agriculture, surveillance, and disaster management."
"Throttle Aerospace Systems was India’s first company to receive a provisional drone license from DGCA, qualified for the Government of India’s Production-Linked Incentive (PLI) scheme, and is licensed to make drones for the defence industry," the company said in an exchange filing.
Commenting on the occasion, Mrs. Anjali Rattan, Business Chairperson of RattanIndia Enterprises Limited, said, “We are thrilled to receive the prestigious DGCA’s certification & approval for the quality and performance of our drone, DOPO. This certification is a testament to our unwavering dedication towards ensuring the highest standard of safety, reliability, and performance of our products & services. This reflects our company’s commitment to meet and exceed regulatory standards while delivering cutting-edge solutions to our customers through our make-in-India products."
RattanIndia Enterprises is engaged in new-age businesses including e-commerce (Cocoblu Retail), electric vehicles (Revolt Motors), fintech (Wefin), fashion brands (Neobrands), and drones (Neosky).
Throttle Aerospace Systems (TAS) is a subsidiary of NeoSky India Ltd. and is one of India’s fastest-growing drone hardware & software makers, based out of Bangalore, India. The company said TAS has qualified for the Government of India’s PLI (Production-Linked Incentive) scheme. TAS’s parent company, 'NeoSky', has a DGCA Drone RPTO (Remote Pilot Training Organisation) license.
In January of this year, the company successfully acquired the market-leading electric motorcycle manufacturer, Revolt Motors. According to the company, the flagship model of Revolt Motors, the RV400, has been experiencing strong demand and is renowned as the most technologically advanced bike globally.
In the Union Budget 2023–24, the government has allocated ₹35,000 crore to achieve the energy transition, energy security, and net zero objectives, which will help the EV industry to work alongside in addressing the issues related to the climate crisis. The government of India has also planned to achieve 100% e-mobility by 2030 in smart cities, which opens a huge market for EVs.
Meanwhile, the company shares this year so far have soared 32.47%, and from their 52-week low of ₹32.2 apiece, they are currently up by 74.81%. From its May 2020 low of ₹1.50, the stock has witnessed an extraordinary surge of 3,700 % to date.
Over the past three calendar years, the stock has delivered multi-bagger returns in two, with a return of 261% in CY20 and a return of 605.95% in the subsequent year.
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