Paras Defence and Space Technologies saw its stock hit the 5% upper circuit limit at ₹1293.30 following the announcement of a board meeting scheduled for August 27, 2024. The meeting will focus on evaluating a proposal to raise funds through various methods such as private placement, preferential issue, rights issue, or other combinations as deemed appropriate by the Board. Additionally, the company plans to introduce the ‘Paras Defence and Space Technologies Limited - Employee Stock Option Plan 2024’ to further incentivize its workforce.

In a significant development, Paras Defence has also received an industrial license from the Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry. This license allows the establishment of a facility for manufacturing a range of defense products including infrared and thermal imaging equipment, electro-optics systems, radar sub-systems, and border security surveillance systems. The license is valid for 15 years, supporting the company’s long-term growth and innovation in the defense sector.

The stock has shown substantial growth with an 81% increase over the past year and an 80% rise year-to-date. Following today’s rally, the stock has surged over 112% from its 52-week low of ₹608.75, hit on March 28, 2024. Despite this impressive performance, it remains 19% below its record high of ₹1,592.75, reached on July 5, 2024.

While the stock was relatively flat in August and saw an 8.69% decline in July, it experienced significant gains earlier in the year, including 53.6% in June, 26.2% in May, and 18.7% in April. The stock faced corrections in February and March with declines of 10.8% and 15.4%, respectively, but showed a positive trend in January with a 12.7% gain.

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