Paras Defence shares zoom 20% on transfer from T group to rolling segment
Shares of Paras Defence and Space Technologies (PDSTL) were locked in the upper circuit of 20 per cent at Rs 759.90 on the BSE in Monday’s session, on the back of heavy volumes, after shifting to the rolling segment with effect from today.
The stock of the defence company was trading at its highest level since listing on October 1, 2021. It has zoomed 334 per cent from its issue price of Rs 175 per share. Till 01:08 pm, a combined 4.45 million equity shares, representing 11 per cent of the total equity of PDSTL changed hands on the NSE and BSE. There were combined pending buy orders for 361,476 shares, the exchanges data shows.
“The trading in the equity shares of Paras Defence and Space Technologies shall be transferred from Trade for Trade segment (T Group) to Rolling segment with effect from Monday, October 18, 2021. Accordingly, the dealings in the equity shares of the company will be shifted under B Group,” BSE had said in a notice dated October 1, 2021. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.
PDSTL is one of the leading ‘Indigenously Designed Developed and Manufactured’ (IDDM) category private sector companies engaged in designing, developing, manufacturing and testing a wide range of defence and space engineering products and solutions. The government of India’s outlays on these segments is expected to increase at 16 per cent CAGR to over USD 14.5 billion by 2031.
PDSTL is currently developing several new products, such as turnkey submarine periscope, optical/multi/hyperspectral cameras for drones/space, telescopes, anti-drone systems, etc. It has partnered with global technology providers to tap import substitution opportunities under the Government of India’s Atmanirbhar Bharat and ‘Make In India’ initiatives as well as tap global requirements.
Today, PDSTL informed the stock exchanges that the board has approved the incorporation of an Associate Company in association with Krasny Defence Technologies, which is a prominent player in the field of defence equipment maintenance and wholesome refits of Indian Naval and Indian Coast Guard Ships (ICGS). The proposed associate company shall be engaged in the field of maintenance, servicing and repairs of defence equipment and naval vessels.
PDSTL and Krasny Defence Technologies shall subscribe a 47.50 per cent stake each in the proposed associate company. The proposed name is Paras Krasny Defence Technologies or Krasny Paras Defence Technologies or such other name which will be approved by the Central Registration Centre (CRC) of the Ministry of Corporate Affairs, the company said.
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