Paras Defence jumps on signing MoU with Government of Maharashtra for Optics Park Project
Paras Defence and Space Technologies is currently trading at Rs. 1074.80, up by 46.10 points or 4.48% from its previous closing of Rs. 1028.70 on the BSE.
The scrip opened at Rs. 1060.00 and has touched a high and low of Rs. 1077.55 and Rs. 1053.20 respectively. So far 1139 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1592.75 on 05-Jul-2024 and a 52 week low of Rs. 608.75 on 28-Mar-2024.
Last one week high and low of the scrip stood at Rs. 1121.95 and Rs. 1005.20 respectively. The current market cap of the company is Rs. 4145.01 crore.
The promoters holding in the company stood at 57.05%, while Institutions and Non-Institutions held 6.33% and 36.62% respectively.
Paras Defence and Space Technologies has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, India, for the proposed Optics Park Project in Navi Mumbai, Maharashtra. This prestigious Optics Park Project is set to commence in the year 2028.
Upon allocation of land and requisite subsidies by the Government of Maharashtra, the Company proposes to invest around Rs 12,000 crore in the Optics Park over a period of 10 years. The Optics Park is expected to generate around 2000 direct employment opportunities and has the potential to become India’s first Technology Hub for Optics and Optical Technologies.
The Government of Maharashtra will facilitate the Company to obtain necessary permissions / registrations / approvals/clearances/ fiscal incentives etc. from the concerned departments of the State, as per the existing policies / rules and regulations of the Government of Maharashtra for the proposed Optics Park in Navi Mumbai, Maharashtra.
Paras Defence and Space Technologies is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions.
