Shares of Paras Defence and Space Technologies surged 5 percent on September 30 after the company bagged an order worth Rs 293 crore from its arm Controp-Paras Technologies.
The order pertains to the execution of the Indian content associated with a contract previously awarded to the company's arm by L&T.
L&T had granted a Rs 305 crore order to Controp Paras Technologies for the production of 244 units of the Sight – 25HD EO System, which includes extended warranty charges and an integrated logistics support (ILS) package for their Close-In Weapon System (CIWS) Program. The order is anticipated to be completed within the next 47 months.
At 11.45 am, shares of Paras Defence were trading at Rs 1,115 on the NSE. Aside from gains in today's session, the stock has largely recorded a weak performance, down close to 13 percent in the past month.
Follow our market blog to catch all the live action
The correction in the stock has been on account of profit booking in the overall defence pack amid concerns of inflated valuations and lagging growth multiples.
The company's net profit surged close to threefold to Rs 14.85 crore in Q1, compared to Rs 6 crore in the same quarter last year. Revenue also recorded a 73 percent on year spike to Rs 83.57 crore in the June quarter, up from Rs 48.32 crore in the same period of the previous fiscal.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
