Paras Defence shares jump 9% after ₹142 crore order win from DRDO

Paras Defence and Space Technologies Ltd. informed the exchanges on Thursday, March 20, that it has received an order worth approximately ₹142.31 crore from the DRDO. In response, the stock surged as much as 9% during today’s trading session.The order pertains to the development of a Laser Source Module and its integration with the Beam Control System (BCS) on a mobile platform.

Paras Defence

further said that this is part of a High-Power Laser System order intended for anti-drone and anti-missile applications.
The company added that the order is to be executed within 24 months.Speaking to CNBC-TV18 earlier in November last year, Amit Mahajan of Paras Defence said that the company continues to maintain a strong order book, while the contribution of the Defence Engineering business has gone up in the first half of the current financial year.

Taking a conservative stance, Mahajan said that the margins for the company will continue to either remain at current levels or see a slight improvement.

Paras Defence was one of the most subscribed IPOs in the country, as the issue was booked more than 300 times. The IPO received bids for over ₹38,000 crore during the three-day period.

Shares of Paras Defence, after rising as much as 9% following the announcement, are currently trading 6.47% higher at ₹1,015.60.