Paras Defence secures arms licence from Govt; share price jumps 5% | News on Markets
Shares of aerospace & defense company, Paras Defence and Space Technologies, jumped 5.36 per cent to hit the day’s high of Rs 1118 on the BSE during intra-day deals on Tuesday. The defense company, in a regulatory filing, has informed the exchanges that it has been granted a licence under the Arms Act, 1959, by the Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry, Government of India.
Paras Defence, in the regulatory filing, said, “This licence authorizes the Company to engage in the design, development, manufacturing, assembly, and upgrading of cannons for naval gun systems, air defense gun system, airborne cannon systems (helicopter, fighter jet), armored fighting vehicles based on cannon systems, and mounted cannon systems of caliber – 20X102 MM, 20X110 MM, 20X128 MM, 20X138 MM, 20X139 MM, 23X152 MM, 30X173 MM, 30X165 MM, 30X113 MM, 35X228 MM, and 40X365 MM with a proposed annual capacity of 100 units.”
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Paras Defence & Space Technologies provides products and solutions for defense and space applications. The company operates through two business verticals: Optics & Optronic Systems and Defence Engineering. Paras Defence has over 40 years of experience in defense and space engineering. The company’s technologies are used in rocket and missile systems, space research, naval systems, and electronic warfare. Paras Defence has a manufacturing setup with over 600 employees and offers turnkey solutions. The company focuses on technology development, R&D, and delivering quality products on time.
As of October 15, 2024, Paras Defence enjoys a market capitalisation of Rs 4,383.55 crore on the BSE. The defense company is a constituent of the BSE SmallCap index.
Paras Defence shares have declined 24.41 per cent in the last one month, while advancing 58.37 per cent in the last six months. The defense stock has yielded a return of 43.21 per cent year to date.
The smallcap stock has a 52-week range of Rs 1,592.75 – 608.75 on the BSE.
At around 2:58 PM on Tuesday, Paras Defence shares were quoted trading at Rs 1079.05, up 1.04 per cent from its previous close of Rs 353.85 on the BSE. A combined total of nearly 2.79 lakh shares worth around Rs 30.49 crore exchanged hands on the BSE and NSE.
Meanwhile, the benchmark equity indices, BSE Sensex, and NSE Nifty 50 are trading lower on Tuesday. The Sensex was quoted trading 251.02 points or 0.31 per cent lower at 81,722.03, and Nifty50 at 25,031, down 96.95 points or 0.39 per cent.
First Published: Oct 15 2024 | 3:25 PM IST
