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
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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.
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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.
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.
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