North India Statesman
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Paras Defense Share: The shares of Paras Defense and Space Technologies Limited saw a stormy rise of more than 10 per cent on Thursday. The bounce came after the news that the company received an order of more than Rs 142 crore from the Defense Research and Development Organization (DRDO). These orders are related to the development of high-power laser systems, which will be used in anti-drone and anti-missile applications.
The company said in the information sent to the stock markets that it received this order from its DARO’s Hyderabad’s Hyderabad -based Center for Science and Science Center (CHESS). Under this, Paras Defense has to develop a laser source module and integrate it with the beam control system (BCS) on the mobile platform. The time limit for completion of this order has been fixed at 24 months.
After this news, Paras Defense shares performed well. Share prices rose 9.84% to a highest level of Rs 1,047.7 on the National Stock Exchange (NSE). In the morning trading, the stock opened with a gain of 2.22% and in the last three trading sessions, it has seen a rise of about 14%. The stocks were trading at Rs 1,015.60 at around 2 pm with a gain of 6.47%.
The company said, “This order strengthens our status in India’s defense technology. It will be able to deal with air threats such as high -power laser system drones and missiles.” The total value of this order is about ₹ 142.31 crore including taxes.
After this surge, the market capitalization of Paras Defense has now reached around Rs 4,100 crore. The stock has increased by 62.44% in the last one year.
