Paras Defence and Space Technologies was locked 5% upper circuit at Rs 1008.35 after the company announced that it has received an order from Opto Electronics Factory valued at approximately Rs 42.05 crore.
Opto Electronics Factory (OLF) is a unit of India Optel Ltd., Govt. of India Enterprise, Ministry of Defence, Dehradun.
The contract is for the supply of 5 types of electronic control sub-systems used in thermal imaging fire control system (TIFCS) delivered by OLF to Indian Armed Forces.
The contract has to be executed within a period of 24 months.
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. As on 30 June 2024, the Government of India held 58.94% in the company.
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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