Paras Defence Share Price Rises After Company Secures Rs 142 Crore Order From DRDO
Paras Defence share price rose as much as 9.84% to Rs 1,047 apiece.
Paras Defence and Space Technologies Ltd. saw its share price rise significantly after the company announced a major order from the Defence Research and Development Organisation (DRDO), as per an exchange filing. The stock surged by 9.84%, reaching Rs 1,047 apiece.
The order, valued at approximately Rs 142.31 crore, was awarded by the Center for High Energy Systems & Sciences (CHESS), a unit of DRDO, Ministry of Defence, Government of India. The contract involves the development of a Laser Source Module and its integration with a Beam Control System (BCS) on a mobile platform. This high-power laser system is intended for anti-drone and anti-missile applications.
The project is expected to be completed within 24 months, marking a significant milestone for Paras Defence in its ongoing collaboration with DRDO.
"This order will mark our entry into all kinds of laser system and it will make us a global significant player in terms of air defence technologies," said Amit N Mahajan, director, Paras Defence.
Globally, only a few companies are involved in the technology to deliver the order, Mahajan explained as he said this order will help the company expand its global outreach.
"The upcoming orders will be in the area of optics...optronics systems, we are looking at orders in the area of electromagnetics, we are looking at order coming in for defence electronics," Mahajan said, adding the pipeline of orders is "humongous".
Paras Defence and Space Technologies, headquartered in Mumbai, is a leading company specialising in the design, manufacturing, and testing of products for defence and space applications. Established over 40 years ago, the company has a strong focus on research and development, offering a wide range of solutions including optics, optronic systems, and heavy engineering. Paras Defence is known for its contributions to various prestigious defence and space programs in India, and it continues to innovate with advanced technologies such as drones, anti-drone systems, and electromagnetic shielding.
Paras Defence share price rose as much as 9.84% to Rs 1,047 apiece. It pared gains to trade 4.94% higher at Rs 1,000 apiece, as of 10:09 a.m. This compares to a 0.34% advance in the NSE Nifty 50 index.
It has risen 59.50% in the last 12 months. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 60.
Only one analysts is tracking the company, with a 'buy' rating, according to Bloomberg data.
