This S&P BSE Smallcap Stock Jumped 3% on Friday within the first hour of markets opening after an announcement regarding its receipt of a key regulatory certificate in its Agro Drone business.
The company has a market cap of Rs. 2,883 crore and is 13% away from its 52 week high, trading at Rs. 739.15 versus Rs. 743.10 at previous close.
In a filing dated 20th October 2023, Paras Defence and Space Technologies Ltd (“Paras”) stated that its Subsidiary Paras Aerospace Private Limited (‘Paras Aerospace’) has received Second Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Govt. of India, for it’s Agri Drone – “Paras-Agricopter V2.1”.
This is also visible on the DGCA’s Digital Sky website. This certification will open up new opportunities in the agricultural drone industry and allow Paras Aerospace to fulfill existing contracts for the “Paras-Agricopter V2.1.”
The certification is for the MEDIUM Drone Category, where the excellent and economical drone from Paras Aerospace satisfies all DGCA requirements and increases its suitability for various applications.
Following a thorough evaluation and certification process for unmanned aerial vehicles (UAV), the DGCA Type Certification is awarded, validating the drone’s quality and design.
This, in the opinion of Paras Aerospace, is one of the most significant turning points in their quest to provide high-quality, Made in India agri drones. This certificate is valid until it is revoked or suspended.
Paras Defence and Space Technologies designs, develops, manufactures, and tests defense and space engineering products and solutions in India and internationally.
Written by Sandeep R
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