The stock has added 7.58% in three sessions, from its recent closing low of Rs 546.50 recorded on 23 June 2022.

On the technical front, the stock's daily RSI (relative strength index) stood at 47.280. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock is trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 618.19, 639.19 and 634.91, respectively. These levels will act as crucial support zones in near term.

In a regulatory filing made just before closing hours yesterday, Paras Defence and Space Technologies said that New Space India (NSIL), a central public sector enterprise under the administrative control of the Department of Space (DOS), the Government of India has executed a letter of intent (LoI) dated 27 June 2022 with the company for handing over the technology of “optical imaging system” as developed by Indian Space Research Organization (ISRO).

This technology will be transferred by way of a technology transfer agreement for the development, manufacturing, and sale of the optical imaging system in India and abroad. The draft of the agreement has been handed over by NSIL to Paras.

“The company shall inform about the execution of the agreement to its stakeholders, upon finalization of the commercials for the ToT,” Paras Defence said in a statement.

Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions. Its product offerings cater to four major segments of the Indian defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solutions and heavy engineering for defence and niche technologies.

The company's consolidated net profit declined 44.17% to Rs 10.30 crore on a 27.11% fall in sales to Rs 61.24 crore in Q4 FY22 over Q4 FY21.