Citing strong prospects but a risk of order delays, domestic brokerage firm JM Financial downgraded its rating on the stock from Buy to Add, with a target price of Rs 905 (previously Rs 875), due to the strong run-up in the stock, i.e. Ministry of Defence’s Drone Procurement Programme The Indian Ministry of Defence (MoD) has planned a Rs 20,000-crore drone procurement programme, largely focused on tactical and surveillance UAVs.
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