 "Paras Defence hits upper limit on bagging licence to make defence products")
Paras Defence shares hit 5% upper circuit: Shares of Paras Defence gained as much as 4.99 per cent to hit the upper circuit of 1,293.30 per share on Thursday, August 22, 2024.
The uptick in the Paras Defence stock price came after the Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry granted industrial licence to the company for establishing an industrial undertaking for manufacturing defence products.
In an exchange filing, Paras Defence said, “We would like to inform you that the Industrial Licensing Section, Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry has granted Industrial licence toParas Defence and Space Technologies Limited (the Company) for establishing an Industrial undertaking for manufacturing of defence products.”
Under the terms of licences, Paras Defence will be responsible for making infrared or thermal imaging equipment like monocular, binoculars, camera, sights, cooled camera, uncooled camera tube based Sights; electro-optics systems like cameras, day & night vision, security surveillance systems; sub-systems and platform of radar systems; modules and control assembly including sub-systems for cameras, opto-mech assemblies; opto- electronic assemblies, border security surveillance system including infrared & thermal imaging, camera, sights, cooled Camera, uncooled camera; laser range finder; and integrated platform advance computer based control & monitoring system.
The licence, however, is valid for 15 years, the company said.
Paras Defence and Space Technologies is a prominent private sector company focusing on the design, development, manufacturing, and testing of advanced defence and space engineering products and solutions. The company operates across four key segments including Defence & Space Optics, Defence Electronics, Heavy Engineering, and Electromagnetic Pulse Protection Solutions.
As a leading enterprise in the private sector for Defence and Space sectors, the company addresses a wide range of industry needs. It is particularly distinguished as the sole Indian supplier of crucial imaging components for space applications, including large-size optics and diffractive gratings.
More From This Section
Paras Defence provides products and solutions to various government entities such as IDF, DRDO, BEL, ISRO, HAL, Goa Shipyard, and Mazagon Dock. In the private sector, its clientele includes prominent companies like Godrej, Tata Power, L&T, Kirloskar, TCS, and Solar Industries. Internationally, PDST serves notable customers including Israel Aerospace Industries, Rafael Advanced Defence, and Elbit Systems.
The market capitalisation of Paras Defence Power Mech is Rs 4,992.01 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.
At 10:18 AM, shares of Paras Defence were trading 3.64 per cent higher at Rs 1,276.60 per share. In comparison, BSE Sensex was trading 0.16 per cent higher at 81,035.01 levels.