Paras Defence and Space Technologies shares hit 5% upper circuit post order inflow for Electronic Control Sub-Systems

Stock Market Today- Paras Defence and Space Technologies share price gained 5% in morning trades on Monday to hit upper circuit limit. It announced order inflows for Electronic Control Sub-Systems from a Ministry of Defence unit

The Paras Defence and Space Technologies share price opened at ₹965 on the BSE on Wednesday, slightly higher than previous close of ₹960.36, However it thereafter gained up to 5% to hit upper price band of ₹1008.35.

Order details

Paras Defence and Space Technologies on Wednesday announced receiving orders for supply of 5 types of Electronic Control Sub-Systems used in Thermal Imaging Fire Control System (TIFCS) delivered by OLF to Indian Armed Forces valued at approximately Rs. 42.05 Crores (plus taxes)

The order is from Opto Electronics Factory (OLF), a unit of India Optel Ltd., Govt. of India Enterprise, Ministry of Defence, Dehradun.

Time Period within which order or the contract is to be executed stands to be 24 months.

Q2 result performance enthuses the street

The financial performance by Paras Defence and Space Technologies already had enthused the street as the share price had seen a similar 5% rise on Tuesday too.

During the July to September 2024 quarter In September 2024, net sales for Paras Defence and Space Technologies at ₹87.09 crore, were up 42.05% from ₹61.31 crore in the same period the previous year.

The quarterly net profit increased 47.13% from Rs. 9.42 crore in September 2023 to Rs. 13.86 crore in September 2024.

Its Earnings before Interest Tax Depreciation and amortisation increased 46.75% from Rs. 16.64 crore in September 2023 to Rs. 24.42 crore in September 2024 quarter.

Paras Defence and Space Technologies share price has gained 33% year to date and more than 47% over last one year.

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