Paras Defence gains after MoU with Maharashtra Govt for Rs 12,000-cr optics park

Paras Defence and Space Technologies gained 4.47% to Rs 1,074.65 after the company signed a memorandum of understanding (MoU) with the government of Maharashtra to develop an optics park project in Navi Mumbai.

This project is set to commence in the year 2028. The proposed project entails an investment of Rs 12,000 crore over the next 10 years, subject to land allocation and subsidies from the state government. Once operational, it is expected to create 2,000 direct employment opportunities and become Indias first dedicated technology hub for optics and optical technologies.

Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defense and space sector, operating in three main verticals: defense and space optics, defence electronics solutions, and heavy engineering.

The company had reported a 47.13% rise in consolidated net profit to Rs 13.86 crore on a 42.05% increase in sales to Rs 87.09 crore in Q2 FY25 over Q2 FY24.

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