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Paras Defence corrects 14% in five days

Capital Market 

Paras Defence declined 1.06% to Rs 678.25, extending its losing run to fifth consecutive trading session.

Shares of Paras Defence and Space Technologies declined 14% in five trading days from its previous closing high of Rs 789.55 on 15 November 2021. The counter has declined 46.68% from its 52-week high of Rs 1272.05 posted on 25 October 2021.

On the technical front, the stock's RSI (relative strength index) stood at 42.628. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Shares of Paras Defence entered the bourses on 1 October 2021. The stock was listed at a price of Rs 475 per share, at a premium of 171.43% to the issue price of Rs 175 per share.

Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions. Its product offerings cater to four major segments of Indian defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solution and heavy engineering for defence and niche technologies.

The initial public offer (IPO) of Paras Defence and Space Technologies was subscribed 304.26 times. It opened for bidding on 21 September 2021 and closed on 23 September 2021. The price band of the IPO was fixed at Rs 165-175 per share.

On a consolidated basis, the company reported a 72.4% rise in net profit to Rs 8.07 crore on a 58.9% increase in net sales to Rs 50.48 crore in Q2 FY22 over Q2 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 23 2021. 11:10 IST