Authored by : Rishabh Raj Updated Jun 21, 2024 | 01:32 PM IST Smallcap Defence Stock: Paras Defence made its D-Street debut on October 21, 2021 at Rs 475 on BSE.
(Image: iStock/ET NOW News)Smallcap Defence Stock : Shares of a smallcap defence sector stock has rallied a massive 71 per cent in just 4 sessions.
Why Paras Defence Share Price Is Rising?
In the past one year, the defence stock rallied 120 per cent, and in the past three months about 110 per cent.
Paras Defence Company Profile Paras Defence and Space Technologies offers high-precision products and turnkey solutions to the defense and space sector, operating in three main verticals defence and space optics, defence electronics solutions, and heavy engineering.
Authored by : Rishabh Raj Updated Jun 21, 2024 | 01:32 PM IST Smallcap Defence Stock: Paras Defence made its D-Street debut on October 21, 2021 at Rs 475 on BSE. (Image: iStock/ET NOW News)
Smallcap Defence Stock : Shares of a smallcap defence sector stock has rallied a massive 71 per cent in just 4 sessions. From July 13 onwards, the share started rallying from around Rs 892 and went up to touch a peak of Rs 1527.55 on June 19, rallying a massive 71 per cent.
However, as of the time of filing this report at 12:41 PM on June 21, the stock has since retraced about 11 per cent to trade at Rs 1356.10 due to profit booking at higher levels.
The stock under discussion is Paras Defence and Space Technologies. As of June 21, it boasts a market cap of Rs 5,330.53 crore.
Why Paras Defence Share Price Is Rising?
Defence stocks have been under investor radar after Defence Minister Rajnath Singh set a target to generate military exports worth Rs 50,000 crore on an annual basis and vowed to fast-track initiatives under 'Make in India' for defence production.
"Defence exports had touched a record Rs 21,083 crore in financial year 2023-24. It was historic. Our target will be to export over Rs 50,000 crore worth of defence equipment by 2028-2029," Singh had said after taking charge last week.
When asked for clarification over the abnormal price action in the stock, Paras Defence, in an exchange filing, said, "We may state here that there is no such information / announcement which is pending to be intimated by the Company to the Stock Exchange(s) that may have a bearing on the price / volume behaviour in the scrip of the Company. Further, the increase in price/volume of the Company’s scrip is purely due to market conditions and is absolutely market driven."
Paras Defence Share Price History Paras Defence made its D-Street debut on October 21, 2021 at Rs 475 on BSE against its issue price of Rs 175, a hefty premium of 171 per cent.
Since its issue price, the stock has rallied over 675 per cent. In the past one year, the defence stock rallied 120 per cent, and in the past three months about 110 per cent.
Paras Defence Company Profile Paras Defence and Space Technologies offers high-precision products and turnkey solutions to the defense and space sector, operating in three main verticals defence and space optics, defence electronics solutions, and heavy engineering.
Paras Defence Q4 Results 2024 In Q4FY24, the company's consolidated net profit rose by 63.82 per cent to Rs 96 crore from Rs 58.6 crore in the previous quarter. Revenue from operations increased by 24.17 per cent quarter-on-quarter to Rs 79.69 crore.
However, on a year-on-year basis, Paras Defence's net profit declined by 7.34 per cent to Rs 9.97 crore, while net sales grew by 22.41 per cent to Rs 79.69 crore.
For FY24, the company's net profit decreased by 11.12 per cent year-on-year to Rs 32.06 crore, down from Rs 36.07 crore in FY23. Sales for FY24 rose by 13.97 per cent to Rs 253.50 crore.
Despite these year-on-year declines, investors expressed optimism about Paras Defence's future, driving an increase in the company's share prices.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
