Shares of Paras Defence and Space Technologies Ltd rallied 5% on 22 August after the government gave the space tech player an industrial licence to start product manufacturing.

The Department for Promotion of Industry & Internal Trade (DPIIT) has issued an industrial licence to the company, allowing it to set up a facility for the production of various items, including infrared or thermal imaging devices, electro-optic systems, radar systems and their components, opto-electronic assemblies, and border security surveillance systems.

The licence is good for about fifteen years. The industrial venture to produce these goods will be situated in Navi Mumbai, Maharashtra.

Earlier on 14 August, Controp-Paras Technologies, a subsidiary of Paras Defence and Space Technologies, received an order worth Rs 305 crore from Larsen and Toubro (L&T).

As a part of the Rs 305 crore order from L&T, the company will manufacture and supply 244 units of Sight – 25 HD Electro-Optics (EO) System. The 25HS EO System is said to enhance the capabilities of L&T’s CIWS program, which holds a significant importance for naval defence. 

Over the last half-year, Paras Defence shares have returned 66%, outpacing the Nifty 50’s 11.5% rise in the same time frame.

At 12:01 pm, the shares of Paras Defence were trading 4.62% higher at Rs 1,289.90 on NSE.

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