Moneycontrol PRO
UPCOMING EVENT:Moneycontrol Pro & Espresso (A Sharekhan Company) in association with Intrazon 2.0 bring to you India’s Largest Retail Intraday Traders Online Conference. Learn 12 Amazing Strategies from 12 Intraday Traders @ Rs. 600/-. Register Now!

Paras Defence share price hits upper circuit on board nod to associate company

The Board of Directors approved incorporation of an associate company for the maintenance, servicing and repairs of defence equipment as well as naval vessels, the company has said

October 18, 2021 / 11:51 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Paras Defence and Space Technologies share price hit 20 percent upper circuit on October 18 after the company decided to incorporate an associate company for maintenance and servicing of defence equipment.

The Board of Directors at its meeting on October 18 approved incorporation of a company in association with Krasny Defence Technologies Limited. The proposed associate company would be engaged in the maintenance, servicing and repairs of defence equipment as well as naval vessels, the company said in an exchange filing.

The stock was trading at Rs 759.90, up Rs 126.65, or 20 percent. It has touched a 52-week high of Rs 759.90. There were pending buy orders of 86,493 shares, with no sellers available.

Catch all the market action on our live blog

The scrip was trading with volumes of 795,264 shares, compared to its five- day average of 199,440 shares, an increase of 298.75 percent.

Close

Experts are bullish on the stock, given the company’s orderbook of Rs 305 crore and the government’s focus on the defence segment through its Aatmanirbhar Bharat and Make in India initiatives.

“Eyeing the strong order book, diversified product portfolio and strong client relationship, the company is going to perform exceptionally well in the coming years,” said Santosh Meena, head of research at Swastika Investmart.

Paras Defence and Space Technologies shares had a blockbuster debut on the bourses on October 1, rising 185 percent to Rs 498.75 from its issue price of Rs 175 on the BSE.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Oct 18, 2021 11:51 am

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark