The stock of Paras Defence traded at Rs. 759.90 on October 18, 2021. It is reported that there was a surge in demand which led to the pending buy orders of up to 86,493 shares.
Paras Defence and Space Technologies share price hit an upper circuit of about 20 per cent at Rs. 759.90 apiece on the Bombay Stock Exchange (BSE) post the company’s announcement on October 18, 2021, that it has given green signal to incorporate an associate company for defense equipment maintenance and servicing.
The board of directors of Paras Defence has agreed to incorporate a company in association with Krasny Defence Technologies. The associate company will be devoting its services primarily in maintenance, servicing as well as repairs and refits of defense equipment & naval vessels as the company confirmed in an exchange filing.
The stock of Paras Defence traded at Rs. 759.90 on October 18, 2021. It is reported that there was a surge in demand which led to the pending buy orders of up to 86,493 shares.
Paras Defence shares listed on the stock exchanges for the first time on October 1, 2021, post the subscription of its IPO 304.26 times. The stock witnessed a remarkable rise to Rs. 498.75 from its issue price of Rs. 175 on the BSE.
The company was in the spotlight for announcing its R. 170.77 crore worth IPO to be opening for subscription on September 21, 2021 and closed on September 23, 2021. The price band was reportedly fixed at Rs. 165-175 per share.
In the newly incorporated company, Paras Defence and Krasny Defence will hold 47.50 per cent stake each.
Paras Defence and Space Technologies offers a wide range of products and solutions for Defence and Space applications. Focusing primarily on products in the Defence and Space segment, the organization operates in over five verticals comprising Defence and Space Optics, Defence Electronics, Heavy Engineering, Electromagnetic Pulse Protection Solutions and Niche Technologies. The establishment’s geographical markets include Ophir Optronics Solutions, Mistral Solutions, Data Patterns and CoreEL Technologies. The company claims to be efficient in handling turnkey projects from small to large size.
Paras Defence is the only Indian supplier of critical imaging components such as large size optics as well as diffractive gratings for space applications in India.
Post the company’s listing at BSE and NSE on October 1, 2021, its share price had ramped up from Rs. 475 per share to Rs. 626.85 per equity share levels. The company locked about a 32 per cent rise from its listing price. Research Head of Swastika Investmart, Santosh Meena said that considering the government’s focus on the Space and Defense segment, it is anticipated that both the segments of the company will be benefitted. It was further mentioned that the ‘Make in India’ project launched by the government will contribute in spurring the Space and Defense industry.
