In Wednesday’s trading session, the shares of one of India’s leading defence equipment and space technology company surged by 1.4 percent on BSE to Rs. 1,324, after the company received an Industrial license from the Ministry of Commerce & Industry for 15 years.
With a market capitalisation of Rs. 5,035 crores, the shares of Paras Defence and Space Technologies Limited opened in the green at Rs. 1,315 on BSE, as against its previous closing price of Rs. 1,306.
What’s the News:
According to the latest regulatory filings with the stock exchanges, the Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry, granted an Industrial license to Paras Defence and Space Technologies Limited for establishing an Industrial undertaking.
The industrial license allows the company to manufacture Holographic Sights and Infrared and uncooled Thermal Vision Devices, which are essentially advanced cameras used in various applications. The license is valid for a period of 15 years.
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Previous News:
On 4th May, Paras Defence and Space Technologies received a contract from Indian Farmers Fertiliser Cooperative Limited (IFFCO) worth nearly Rs. 20 crores, to be executed by 30th September 2024.
The order was for spraying of IFFCO Nano fertilisers, Sagarika, IFFCO MC Agro-Chemicals and other IFFCO & IFFCO JV’s Agri-products using drones in the fields of individual farmers over a maximum of 5 lakh acres of agricultural land area, to enhance agricultural productivity and efficiency.
Financials:
The company experienced a growth in revenue from operations, showing a year-on-year rise of nearly 22.6 percent from Rs. 65 crore in Q4 FY22-23 to Rs. 79.7 crore in Q4 FY23-24.
However, its net profit decreased during the same period from Rs. 11.8 crore to Rs. 9.6 crore, indicating a decline of around 18.6 percent YoY.
Stock performance:
The shares of Paras Defence and Space Technologies Limited have delivered positive returns of nearly 90 percent in one year, as well as around 71 percent returns year-to-date.
About the company:
Paras Defence and Space Technologies Limited is involved in the design, development, manufacturing, testing & commissioning of products, systems and solutions for Defence & Space Applications.
The company serves four major segments of the defence & space sector: defence and space optics, defence electronics, electromagnetic pulse protection solutions and heavy engineering.
Written by Shivani Singh
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