Parad Defence and Space Technologies’ stock price gained 4% on Thursday after the company acquired an industrial license from the Department for Promotion of Industry & Internal Trade (DPIIT) under the Ministry of Commerce and Industry.

What Happened: The industrial license allows Paras Defence to manufacture items like infrared or thermal imaging equipment, electro-optics systems, sub-systems and platform of radar systems, modules and control assembly, opto-electronic assemblies, border security surveillance system, laser range finder and integrated platform advance computer-based control and monitoring systems. 

The company will manufacture these products in Navi Mumbai, Maharashtra. The license is valid for 15 years. 

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On August 14, the company won an order from Larsen and Toubro to manufacture an electro-optics system for ₹305 crore. 

The company had an order book worth ₹600 crore as of June. In June, Amit Mahajan, Director at Paras Defence told CNBC-TV18 that the company in addition to its ₹600 crore order book has orders worth ₹1,500 crore in the pipeline. He added that the order book is expected to reach ₹2,500 crore by the end of FY28. 

In its Q1 results, the company reported a 147% year on year jump in net profit to ₹14.85 crore while its revenue rose 72.95% to ₹83.57 crore. 

Price Action: Shares of Paras Defence surged 4.95% to intraday high of ₹1294 on Thursday. 

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