Paras Defence and Space Technologies saw its share price rise over 4% in early trade on January 23 after the company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for the proposed Optics Park Project in Navi Mumbai.
At 09:25 am, the stock was priced at Rs 1,072.85, up by Rs 44.15, or 4.29%, on the BSE.
The Optics Park Project, a significant initiative for the company, is scheduled to commence in 2028. Paras Defence plans to invest approximately Rs 12,000 crores in the project over a 10-year period, contingent on land allocation and subsidies provided by the Maharashtra government.
The state government has committed to assisting Paras Defence in securing the necessary permissions, registrations, approvals, clearances, and fiscal incentives from the relevant departments.
In addition to the MoU, Paras Defence recently received a significant order in November 2024 from the Instruments Research and Development Establishment (IRDE) of the Ministry of Defence, Government of India.
The order, valued at approximately Rs 61.43 crore, is for the upgrade of the Optronic Periscope Sight with Accessories, including ESM Warner, for Indian Naval Submarine applications.
