The share price of Paras Defence and Space Technologies Ltd skyrocketed by 10% on Thursday, 20 March, after the company received an order from the Defence Research and Development Organization (DRDO) worth over Rs 140 crore.

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.”

The company added that this order is a part of the High-Power Laser System order that is meant for anti-drone and anti-missile applications.

The corporation stated that the transaction must be completed within 24 months.

The shares of the company have been rising since the German Parliament voted in favour of raising the defence budget. A positive sentiment following Europe’s increased defence spending, which was predicated on the anticipation that Indian defence companies would boost their shipments to Europe, was the main driver of the spike in defence and shipbuilding stocks.

At 12:54 pm, the shares of Paras Defence were trading 5.80% higher at Rs 1.009.20 on NSE.

Wondering About Paras Defence? The Analyst Has Answers.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!