Paras Defence and Space Technologies saw a 5% jump in its shares on August 22 following the announcement that the government has granted the company an industrial license. This license allows Paras Defence to manufacture a range of products including infrared and thermal imaging equipment, electro-optics systems, radar components, and border security surveillance systems.
By 9:55 am, the shares were trading 4.16% higher at ₹1,284.20 on the NSE.
The Department for Promotion of Industry & Internal Trade (DPIIT) has issued the license for a period of 15 years. The company will establish its manufacturing facility in Navi Mumbai, Maharashtra.
In related news, Paras Defence’s associate company, Controp-Paras Technologies, recently secured a ₹305 crore order from Larsen and Toubro (L&T). This order involves the production and supply of 244 units of the Sight-25 HD Electro-Optics System, which will enhance L&T’s naval defense capabilities.
