Paras Defence Shares Hit Upper Circuit After Order Win From L&T
Shares of Paras Defence and Space Technologies Ltd. hit the upper circuit of 5% on Friday after it bagged order worth Rs 305 crore from Larsen & Toubro Ltd.
On Wednesday, the company received a contract for the manufacturing and supply of the 244 Sight 25HD Electro-Optics system, along with extended warranty charges and an integrated logistics support package, for L&T's Close-In Weapon Systems (CIWS) program.
The defense equipment manufacturer will deliver the order within 47 months.
CIWS comprises air defence guns, tracking radars, and a search radar linked to a command and control shelter, along with associated simulators and communication equipment. The system is planned for deployment at various locations across India to protect vital assets from all types of low-flying, low-signature aerial threats, including unmanned aerial vehicles.
Shares of Paras Defence traded at Rs 1,208.36 apiece on Friday, compared to 0.7% advance in the benchmark NSE Nifty 50 at 9:45 a.m.
The stock has gained 79% in the last 12 months, and 68% on a year-to-date basis. The total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 44.3.
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