Shares of Paras Defence rose on Monday afternoon after the company won ₹293 crore to execute a project for Larsen and Toubro (L&T).

What Happened: The order relates to the execution of the Indian content tied to a contract previously awarded to a subsidiary of the company by Larsen & Toubro (L&T). L&T had placed an order worth ₹305 crore to Controp Paras Technologies for the production of 244 units of the Sight – 25HD EO System.

This contract includes extended warranty charges and an integrated logistics support (ILS) package as part of L&T's Close-In Weapon System (CIWS) Program. The completion timeline for this order is estimated to be within 47 months.

See Also: NBCC Bags ₹101 Cr Work Order From NHAI, Shares Upbeat

In August, Paras Defence won an industrial license from the Department for Promotion of Industry & Internal Trade (DPIIT) under the Ministry of Commerce and Industry.

The license allows the company to manufacture infrared or thermal imaging equipment, electro-optics systems, sub-systems and platforms of radar systems, among others. 

Paras Defence has fallen over 10% in the last month as defence stocks faced correction after their strong run in the bourses in the past year. Analysts said the correction was warranted as most of the stocks were trading at high valuations. 

Price Action: Shares of Paras Defence rose 4.35% to ₹1,113 on Monday afternoon. 

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