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Paras Defence soars after receiving weapon manufacturing license from GoI

07-Jan-2025 | 11:19
Paras Defence and Space Technologies jumped 7.78% to Rs 1045 after the company announced the grant of license under the Arms Act, 1959.

This license authorizes the company to manufacture MK-46 and MK-48 belt-fed light machine gun (LMG) ? modernised enhanced and redefined LMG with a proposed annual capacity of 6000 units each.

The said license has been issued by the Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry, Government of India (GoI).

Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defense and space sector, operating in three main verticals ? defence and space optics, defence electronics solutions, and heavy engineering.

The company had reported 47.13% rise in consolidated net profit to Rs 13.86 crore on a 42.05% increase in sales to Rs 87.09 crore in Q2 FY25 over Q2 FY24.

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