Paras Defence and Space Technologies rallied 6.55% to Rs 727 after the company was awarded the Transfer of Technology (ToT) of optronic submarine periscope as developed by IRDE, Defence Research and Development Organisation (DRDO).
This technology has been transferred to Paras Defence and Space Technologies by the way of a licensing agreement for Transfer of Technology of Optronic Submarine Periscope by Instruments Research & Development Establishment (IRDE), DRDO. The DRDO Laboratory has also nominated Paras Defence and Space Technologies as the Production Agency for the optronic submarine periscope.
The Instruments Research & Development Establishment is a laboratory of the Defence Research & Development Organization located in Dehradun. Its primary function is research and development in the field of optical and electro-optical instrumentation.
On a consolidated basis, Paras Defence and Space Technologies reported net profit of Rs 7.71 crore in Q3 December 2021 as compared to a net loss of Rs 2.55 crore in Q3 December 2020. Net sales surged 111.8% to Rs 46.44 crore in Q3 December 2021 over Rs 21.93 crore in Q3 December 2020.
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.
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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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