Paras Defence and Space Technologies on Friday, 16 June 2023, announced that it won a contract worth Rs 53 crore from India's Ministry of Defence. The contract is for supplying optronic periscopes, including installation support, for Integrated Combat System (ICS). The contract will be executed in two phases, with partial delivery in FY24 and balance delivery by FY25 or earlier.

The stock had outperformed the market over the past one month, advancing 17.20% compared with 2.48% rise in the Sensex.

The scrip had outperformed the market in past three months, increasing 25.75% compared with 9.09% rise in the Sensex.

However, the counter had underperformed the market in past one year, rising 9.23% compared with 23.17% rise in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 73.80. 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 was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 530.66, 513.73 and 579.15, respectively. These levels will act as crucial support zones in near term.

Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defense and space sector, operating in three main verticals – defence and space optics, defence electronics solutions, and heavy engineering. As on March 2023, the Government of India held 58.94% in the company.

The company's consolidated net profit rose 4.5% to Rs 10.76 crore on 6.3% increase in sales to Rs 65.10 crore in Q4 FY23 over Q4 FY22.