The shares of one of the Defence companies specializes in providing advanced defense and space technology solutions jumps 9 percent, upon signing MoU with the Government of Maharashtra for the development of an Optics Park in Navi Mumbai
Price action
With a market capitalization of 4,145.01 Crores on Thursday, the shares of Paras Defence and Space Technologies Ltd, trading at Rs. 1,119 up by 9.3 percent after making a high of Rs 1,129 compared to its previous closing price of Rs 1,032.50.
What Happened
Paras Defence and Space Technologies Ltd has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for the development of an Optics Park in Navi Mumbai, set to begin in 2028.
The company plans to invest around Rs. 12,000 crores over the next 10 years to develop the park. This project is expected to create about 2,000 direct jobs and could become India’s first technology hub for optics and optical technologies. The Government of Maharashtra will support the project by helping the company obtain the necessary permissions, approvals, and financial incentives for the development of the park.
About the Company
Paras Defence and Space Technologies Limited is an Indian company that specializes in providing advanced defense and space technology solutions. It focuses on the design, development, and manufacturing of a wide range of products, including defense electronics, optics, aerospace components, and space technologies.
Segment Revenue
Paras Defence and Space Technologies reported segment revenues of Rs. 6,939.18 Lakhs from Optics and Optronic Systems and Rs. 16,304.27 Lakhs from Defence Engineering, totaling Rs. 23,243.45 Lakhs in revenue from operations on March 31, 2024. This compares to Rs. 10,550.21 Lakhs from Optics and Optronic Systems and Rs. 10,877.75 Lakhs from Defence Engineering for the previous year, amounting to Rs. 21,427.96 Lakhs in total revenue.
Financials
The company’s revenue rose by 42 percent from Rs 62.41 crore to Rs 88.76 crore in Q2FY24-25. Meanwhile, Net profit rose from Rs 9.42 crores to Rs 13.86 crores during the same period.
Written by Sridhar J
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