Paras Defence rises 10%

Paras Defence is currently amongst the top three gainers on the BSE; from its close of Rs.969.55, the stock opened slightly lower at Rs.960.65 but from there rose to Rs.1066.50, up 10%, briefly touching the 10% UC. It is now trading at Rs.1027.80. Its 52-week high stands at Rs.1592.75.

The stock is up on its announcement that it has been granted a license under the Arms Act, 1959. This license authorizes the company to manufacture MK-46 and MK-48 Belt-fed Light M achine Gun (LMG) – Modernised Enhanced and Redefined LMG with a proposed annual capacity of 6000 nos each.

The license is now valid for lifetime.

The company’s order book currently stands at more than Rs.850 crore.