 "Paras Defence locked in 5% upper circuit after arm bags order of Rs 305 cr")
Paras Defence stock rises: Shares of Paras Defence and Space Technologies were locked in 5 per cent upper circuit at Rs 1,207.40 per share on Friday, August 16, 2024.
The uptick in the share price came after the company announced that its associate company, Controp-Paras Technologies Private Limited, has secured an order worth Rs 305 crore from Larsen and Toubro (L&T).
In an exchange filing, Para Defence said, “We are pleased to inform you that Controp-Paras Technologies Private Limited, an Associate Company of Paras Defence and Space Technologies Limited (the Company), has received an order from Larsen and Toubro Limited (L&T) valued at approximately Rs 305 crore (plus taxes) comprising of manufacturing and supply of 244 nos. of Sight – 25HD EO (Electro-Optics) System along with Extended Warranty Charges and Integrated Logistics Support (ILS) package, for their CIWS Program.”
The company will be responsible for the manufacturing of 244 numbers of sight – 25HD EO system along with extended warranty charges and ILS package, for their CIWS Program, Paras Defence said in a statement.
The company will be required to complete the project within 47 months.
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.
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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.
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 4,708.87 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.
At 10:15 AM, shares of Paras Defence continued to remain locked in the 5 per cent upper circuit. In comparison, BSE Sensex was trading 0.57 per cent higher at 79,560.72 levels.