Paras Defence skyrockets to record high after 1.8% equity changes hands
Paras Defence skyrockets to record high after 1.8% equity changes hands
Shares of Paras Defence and Space Technologies zoomed 19 percent to scale a record high of Rs 1373.80 after a large deal involving a 1.8 percent equity in the company took place on the exchanges on June 18.
About 7.06 lakh shares changed hands at an average price of Rs 1,252 in a large deal. The deal, executed at a premium of roughly 8 percent over the previous closing price, took the entire transaction value to Rs 88.7 crore.
Moneycontrol could not immediately identify the parties involved in the transaction.
At 09.34 am, shares of Paras Defence were trading slightly off its day's high at Rs 1,347 on the NSE.
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The sharp gains in the stock come after it was locked in a 20 percent upper circuit in the previous session after the Abu Dhabi Investment Authority (ADIA) acquired a 1.44 percent stake in the company through bulk deals. The stake was acquired at an average price of Rs 1,120.71 apiece.
In an interaction with CNBC-TV18, Paras Defence's management announced that they expect the company's order book to swell up to Rs 2,500 crore by the end of FY28, up from the current Rs 600 crore. They also projected an annual growth rate of 25 percent to 30 percent.
The stock gained attention last week after Defence Minister Rajnath Singh revealed India's goal of achieving Rs 50,000 crore in defence exports over the next five years.
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