Drone stocks, including IdeaForge and Zen Tech, surge as India-Pakistan tensions escalate

Drone manufacturing stocks climbed on Friday, May 9, amid heightened tensions between India and Pakistan after 'Operation Sindoor'.

Shares of drone makers Ideaforge Technology, Droneacharya Aerial Innovations, Paras Defence, and Zen Technologies jumped up to 17% in Friday’s trade, amid escalating tensions between India and Pakistan.

At 11:53 AM, shares of IdeaForge Technology were trading 18.03% higher at ₹455.90 apiece on the NSE, whereas, shares of Zen Technologies were trading 4.99% higher at ₹1,406.40 apiece on the NSE.

Droneacharya and Zen Technologies stocks also touched their 5% upper circuits during the session.

Alongside the rally in drone counters, other defence stocks like Bharat Dynamics (up 8%), Bharat Electronics (up 4%), and Mazagon Dock Shipbuilders (up 2.5%) were also trading higher.

In retaliation for the Pahalgam terror attack, Indian armed forces launched 'Operation Sindoor' and carried out missile strikes on Wednesday on nine terror targets in Pakistan and Pakistan-Occupied Kashmir (PoK). The military strikes were conducted two weeks after the killing of 26 civilians in Jammu and Kashmir's Pahalgam in a terrorist attack.

On Thursday night, India foiled Pakistan's attempt to target military stations in border areas.

Stock market benchmark indices NIFTY and SENSEX tumbled in early trade on Friday.

SENSEX tanked 910 points to 79,423 in early trade, while NIFTY declined 311 points to 24,962.