Paras Defence share price jumped 10 percent intraday on Thursday after winning an order from the Defence Research and Development Organisation (DRD) of over Rs 140 crore.
Shares of Paras Defence and Space Technologies advanced 9.84 percent to an intraday high of Rs 1,047.7 per share on the NSE. The scrip opened gap-up with a gain of 2.22 percent in today's trading session. The counter has been rising for the last three trading sessions and is up nearly 14 percent.
The company in an exchange filing, said "Paras Defence and Space Technologies Limited has received an order from Center for High Energy Systems & Sciences (CHESS), DRDO, Ministry of Defence, Government of India, Hyderabad valued at approximately Rs 142.31 crores for Development of Laser Source Module and Integration with Beam Control System (BCS) on Mobile Platform."
"This is a part of the order of High-Power Laser System meant for Anti Drone and Anti Missile applications," it added.
The order is to be completed within 24 months, the company said in a statement.
Shares of beaten-down defence stocks have been on an uptrend after German Parliament voted in favour of boosting defence budget. The rise in defence and shipbuilding stocks was more on account of sentiment boost in reaction to increased defence spending by Europe on hopes of higher exports from the Indian defence companies to Europe.
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