Paras Defence shares rose after six days of consecutive fall today after the company said it has secured regulatory license for establishing an industrial undertaking to manufacture certain industrial items. Shares of Paras Defence gained 2.4% to Rs 472.20 in early trade against the previous close of Rs 461.15 on BSE. The share has fallen 26.66 per cent in one year and lost 22.28 per cent since the beginning of this year. The market cap of the firm rose to Rs 1,824 crore on BSE.
Total of 6019 shares of the firm changed hands amounting to a turnover of Rs 28.22 lakh on BSE.
The defence sector share hit a 52-week high of Rs 811.35 on September 19, 2022 and a 52-week low of Rs 450.70 on March 27, 2023.
In terms of technicals, the relative strength index (RSI) of the stock stands at 37.4, signaling it’s trading neither in the oversold or overbought zone. Paras Defence stock has a one-year beta of 1.1, indicating high volatility during the period. Paras Defence stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The Ministry of Commerce & Industry has granted industrial license to Paras Defence for establishing an Industrial undertaking for manufacture of red dot reflex sights; electronic fuzes comprising of electronics, sensors, mechanical parts excluding Explosive content; and rugged COTS system and rugged networking & communication, said the firm in a fIling to BSE and NSE. The industrial licence is valid for 15 years.
Paras Defence is engaged in designing, developing, manufacturing, and testing a wide range of defence and space engineering products and solutions. Paras Defence’s business is highly dependent on projects and programmes that are undertaken by the central government and associated entities, such as defence public sector undertakings and government organisations involved in space research.
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