In a significant development, Paras Defence and Space Technologies Ltd.’s shares hit the upper circuit of 5% on Friday, following the company’s announcement of a substantial order win from Larsen & Toubro Ltd. (L&T). The order, valued at Rs 305 crore, is for the manufacturing and supply of advanced electro-optics systems for L&T’s Close-In Weapon Systems (CIWS) program.
This major order win has sent Paras Defence’s shares soaring, with the stock trading at Rs 1,208.36 apiece, outpacing the benchmark NSE Nifty 50’s 0.7% gain. The company’s stock has been on a tear, gaining 79% in the last 12 months and 68% on a year-to-date basis.
The order is a significant milestone for Paras Defence, underscoring its capabilities in the defence equipment manufacturing space. The company’s delivery timeline of 47 months underscores its commitment to timely execution.
Investors are bullish on Paras Defence’s growth prospects, driven by its strong order book and expanding presence in the defence sector. The company’s relative strength index stands at 44.3, indicating a strong uptrend. With this order win, Paras Defence is poised for continued growth and success in the defence equipment manufacturing space.
