Paras Defence‘s share price went up over 3% on Friday to hit a new 52-week high of ₹572.95. As per the latest shareholding data, ace investor Mukul Agrawal owns a 1.12% stake in the company.
What Happened: Shares of the defence manufacturer continued to make gains for the second straight day after announcing winning a contract from DRDO. The ₹53-crore contract is for the making and installation of Optronic Periscopes.
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The company is scheduled to make partial delivery in FY24 (April 2023-March 2024). The remaining is supposed to be delivered by FY25. The company has announced bagging several contracts in just the past few months. Earlier this month, the company announced collaborating with an Israeli firm for a contract.
Last month the company bagged a government contract for the design, development, and manufacturing of various tech, including anti-drone technology and 6G communications.
Price Action: Paras Def’s share price was up 2.80% to trade at ₹570.60 in the early hours of trading on Friday.
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