RattanIndia Enterprises jumped 5.94% to Rs 46.35 after the company said its subsidiary, NeoSky India, plans to develop and launch consumer micro drones in India.
NeoSky is aiming to be the first Indian company to achieve this milestone. These drones will be widely used at weddings, in sports coverage, broadcasting, amateur travel vlogs, surveillance and warehouse management.Indigenously developed consumer micro drones are largely expected to be better than the current options available in international markets. These micro drones will be enabled with autonomous flight management capability and some industry first features.
Last year in August, Rattanindia Group made a strategic investment in Silicon Valley, U.S.- based, on-demand drone delivery company Matternet, thereby marking its entry into the drone industry.
Matternet presently has operations in the U.S., Germany, Switzerland, Japan and Abu Dhabi and has completed more than 30,000 delivery-flights successfully.
With Govt. banning the drone import in all forms, i.e, CBU, SKD & CKD, there will be tremendous opportunities for Indian companies, especially in consumer micro drones and will lead to indigenous core manufacturing facilities, formation of component eco system, & research and product development capabilities.
The gap in demand and supply created by the ban on drone import is huge, with projected annual CAGR growth of 16-18% of new demand.
Anjali Rattan Nashier, business chairperson of RattanIndia Enterprises, said: NeoSky drones will be fully compliant with regulations. Our business model will offer an optimal mix of functionality, innovation, and convenience, while striving always to keep customers first."
RattanIndia Enterprises is engaged in building businesses in new-age sectors including electric motorcycles, drone (UAV), e-commerce and fintech.
On a consolidated basis, RattanIndia Enterprises reported net loss at Rs 5.52 crore in Q3 FY22 as against net profit of Rs 0.10 crore in Q3 FY21. Net sales stood at Rs 0.67 crore in Q3 December 2021.
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