Yesterday, after market hours, Paras Defence and Space Technology announced that it has received the industrial license to undertake the manufacturing of products.

The Department for Promotion of Industry & Internal Trade (DPIIT) has granted an industrial license to company, to establish an industrial undertaking for manufacture of several items, including infrared or thermal imaging equipment, electro-optics systems, sub-systems and platform of radar systems, modules and control assemblies, opto-electronic assemblies, and border security surveillance systems in Navi Mumbai, Maharashtra.

The license has a validity of around 15 years.

The company seems to be on a roll as last week, it received a Rs 305 crore-order from L&T.

The stock price has reacted positively to this news, opening 4.5% higher at Rs.1284.85 and rising further to Rs.1293, up 5%. Its 52-week high is at Rs.1592.75.