Shares of defence and space engineering company Paras Defence and Space Technologies will be in focus today as the company has inked a deal with a US-based firm for air-to-air refuelling technologies and support services for the Indian armed forces. The stock closed in the green in the last trading session, even as benchmark indices closed in the red, as markets failed to sustain early gains and saw selling pressure at higher levels. The BSE Sensex closed at 77,988.68, declining 122.56 points or 0.16 per cent, while the Nifty declined 34.55 points or 0.14 per cent to settle at 24,196.75. Amid the volatility, the counter closed in the green at Rs 777.05, up Rs 21.90 or 2.90 from the previous close of Rs 755.15 on the BSE. The market cap of the company stood at Rs 6,262.04 crore.
During the day, the stock touched intraday highs and lows of Rs 783.20 and Rs 758.30, respectively.
Inks deal with a US-based firm
According to the statement issued by the Mumbai-based company, it has entered into an agreement with US-based Bandak Aviation Inc.DBA NorthStar. According to the company, NorthStar is known for its expertise in designing, developing, manufacturing, enhancing and provisioning of aerial (air-to-air) refuelling systems.
“The agreement focuses on the supply and support of Northstar’s advanced products, including air-to-air refuelling systems and related accessories. In addition, this will lead to associated services for the Indian armed forces,” it said.
Paras Defence share price
According to details available on BSE Analytics, the stock has delivered a strong return of 199 per cent over three years and 123 per cent over two years. On a year-to-date basis, it has yielded a return of 13.53 per cent, compared with a 8.45 per cent correction in the benchmark indices.
The counter has been gaining for the last six days and has risen 21.24 per cent in the period.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
