Paras Defence and Space Technologies jumped 7.78% to Rs 1045 after the company announced the grant of license under the Arms Act, 1959.
This license authorizes the company to manufacture MK-46 and MK-48 belt-fed light machine gun (LMG) modernised enhanced and redefined LMG with a proposed annual capacity of 6000 units each.
The said license has been issued by the Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry, Government of India (GoI).
Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defense and space sector, operating in three main verticals defence and space optics, defence electronics solutions, and heavy engineering.
The company had reported 47.13% rise in consolidated net profit to Rs 13.86 crore on a 42.05% increase in sales to Rs 87.09 crore in Q2 FY25 over Q2 FY24.
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