Paras Defence and Space Technologies Ltd is primarily engaged in the designing, developing, manufacturing and testing of a variety of defence and space engineering products and solutions.
On Tuesday, the stock zoomed about 2.5% in an otherwise directionless market, the stock opened with a gap-up at level of Rs 539 and it made an intra-day high of Rs 551.34 on NSE. Volumes recorded so far have been the highest single day volume since April 28 and moreover, it has witnessed a twofold rise in volume when compared with its 10 and 30-days average volume.
At present, the stock is trading above its short-term moving average 20 and 50-DMA and both these moving averages are trending up and in desired sequence. The daily 14 periods RSI has generated bullish crossover recently and is in rising trajectory thus validating positive bias. The trend strength indicator, Average Directional Index (ADX) is at 23.27, which shows the strength. And this ADX is in up trending mode. The +DI is much above the -DI. This structure is indicating the bullish strength in the stock.
Company announced that it has signed a Memorandum of Understanding (MoU) with Society of Applied Microwave Electronics Engineering Research (SAMEER). SAMEER is an autonomous R&D Laboratory under the Ministry of Electronics & Information Technology (MeitY). The objective of this MoU is to work together, fulfilling the needs of Indigenous Design, Development and Manufacturing of various technologies such as mentioned below; A) Anti-Drone Systems B) Atmospheric Instrumentation C) Next Generation Communication Technologies including 6G D) Radars and Antenna Technologies E) Photonics & Optoelectronics F) RFIC & MMIC Technologies G) EMI/EMC Technologies H) Medical Technologies
This MoU will facilitate both parties to propose and execute projects jointly towards indigenization of the technologies of national interest.
In September 2021, IPO of Paras Defence and Space Technologies saw a breathtaking response as it was subscribed 304.26 times and the stock against a final issue price of Rs 175 listed at Rs 469 on NSE. The stock went on touch an all-time high level of Rs 1258.20 in the month of October, 2021. The stock corrected from higher levels and at current level it is trading at a discount of 56% from its all-time high.
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