Paras Defence and Space Technologies Limited has been awarded a contract worth ₹142.31 crore from the Defence Research and Development Organisation (DRDO) to develop anti-drone and anti-missile laser technology, the company revealed on Thursday.
As a result of this development, shares of Paras Defence and Space Technologies Limited were trading at ₹1,001.35, reflecting a 4.98 per cent increase on the NSE at 10.10 am.
According to a regulatory filing to stock exchanges, Paras Defence will be responsible for developing a laser source module and integrating it with a beam control system on a mobile platform for the Centre for High Energy Systems & Sciences (CHESS), a DRDO lab located in Hyderabad.
This contract is part of a larger high-power laser system project that aims to mitigate drone and missile threats. The company is expected to fulfill the order within a 24-month timeframe, as per the filing.
Importantly, this domestic contract does not involve any related party transactions, and the company’s promoters have no stake in the awarding entity.
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