Overview

• India’s Ministry of Defence contracted IdeaForge Technology Ltd to supply mini unmanned aerial vehicles with accessories in a Rs 137 crore deal to be delivered within 12 months.
• The order was routed through the Indian Army’s emergency procurement process for high-performance hybrid mini UAV systems designed for surveillance and reconnaissance.
• IdeaForge shares hit the upper circuit on June 23, rising 10% to Rs 631 as investors viewed the contract as validation of its indigenization strategy.
• The Nifty Defence Index climbed over 2% today as escalating Israel-Iran hostilities driven by recent US missile strikes bolstered demand for defence technology.
• Government figures show the Defence Ministry awarded 193 contracts worth Rs 2,09,050 crore in 2024-25, with 177 placed with domestic firms as New Delhi aims to sign around Rs 2 trillion in new deals in FY26.