 "Here's why Paras Defence and Space Technologies rallied 8% on January 23")
Paras Defence share price rallied as much as 8.26 per cent to hit an intraday high of Rs 1,113.75 per share on Thursday, January 23, 2025.
The uptick in the Paras Defence share came after the company announced that it has signed a MoU with the Maharashtra Government, for the proposed Optics Park Project in Navi Mumbai, Maharashtra.
The Optics Park Project is set to commence in the year 2028, the company said.
In an exchange filing, Paras Defence said, “We are pleased to inform you that Paras Defence and Space Technologies Limited has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, India, for the proposed Optics Park Project in Navi Mumbai, Maharashtra. This prestigious Optics Park Project is set to commence in the year 2028.”
The company plans to invest approximately Rs. 12,000 crore in the Optics Park over the next 10 years, following the allocation of land and necessary subsidies by the Government of Maharashtra.
The park is projected to create around 2,000 direct employment opportunities and has the potential to become India's first Technology Hub for Optics and Optical Technologies, Paras Defence highlighted.
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The Government of Maharashtra will support the Company in obtaining the required permissions, registrations, approvals, clearances, and fiscal incentives from the relevant state departments, in line with the existing policies, rules, and regulations for the proposed Optics Park in Navi Mumbai, the company revealed.
About Paras Defence
Paras Defence and Space Technologies is a prominent private sector company focusing on the design, development, manufacturing, and testing of advanced defence and space engineering products and solutions. The company operates across four key segments including Defence & Space Optics, Defence Electronics, Heavy Engineering, and Electromagnetic Pulse Protection Solutions.
As a leading enterprise in the private sector for Defence and Space sectors, the company addresses a wide range of industry needs. It is particularly distinguished as the sole Indian supplier of crucial imaging components for space applications, including large-size optics and diffractive gratings.
Paras Defence provides products and solutions to various government entities such as IDF, DRDO, BEL, ISRO, HAL, Goa Shipyard, and Mazagon Dock. In the private sector, its clientele includes prominent companies like Godrej, Tata Power, L&T, Kirloskar, TCS, and Solar Industries. Internationally, PDST serves notable customers including Israel Aerospace Industries, Rafael Advanced Defence, and Elbit Systems.
The market capitalisation of Paras Defence Power Mech is Rs 4,477 crore, according to BSE. The company falls under the BSE SmallCap category.
At 10:45 AM, shares of Paras Defence were trading 8.01 per cent higher at Rs 1,111.15 per share. In comparison, BSE Sensex was trading 0.33 per cent higher at 76,659.20 levels.