Paras Defence Share Price
The domestic market has been witnessing a continuous upward trend for the last few days. The market had fallen to a record low on the day the Lok Sabha election results were announced, but since the Modi government came to power for the third time, the market is witnessing an upward trend.
The market registered a historic rally on Friday, the last trading the biggest gains. Defense stocks gave amazing returns during intraday on Friday, rising up to 20 percent in a day. (Paras Defense and Space Technology Limited Excerpt) The announcement of the central government gave wings to defense stocks on Friday. These stocks are gaining momentum after Union Defense Minister Rajnath Singh made a special announcement on the defense sector.
The Modi government has worked on a war footing in the defense sector in the last few years since coming to power and the government’s focus is likely to remain on this sector in the future as well. Rajnath Singh, who took over as Defense Minister in the third term of the Modi government, announced that the government aims to increase defense exports to Rs 50,000 crore in the next five years.
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Defense Minister Rajnath Singh announced on Thursday that the government is committed to increasing exports in the defense sector to Rs 50,000 crore in the next five years. The announcement by the defense minister had a positive impact on the market shares and stocks of Bharat Dynamics, BEL, Paras Defence, Cochin Shipyard and Bharat Forge, giving a major boost to defense companies aiming for exports in the defense sector.
Shares of Paras Defence and Space Technology Limited rose 20% to Rs 1,157.25 on Friday. Shares of Paras Defence have given a return of over 60% in the last one month, with BEML Limited stock jumping over 17 percent, while Mazagon Dock Shipbuilders stock gaining over 14% to Rs 3,874. Shares of Bharat Dynamics rallied over 6 percent. The stock was trading 20.04% higher at Rs 1,389 on Tuesday (18 June 2024). Global brokerage film Jefferies has recommended buy on Hindustan Aeronautics with a target price of Rs 5,7725, up 12 percent from its previous close of Rs 5,103 percent share, citing positive sentiment for indigenization and focus on exports in the defense sector.
Jefferis estimates that HAL will maintain double-digit growth over the next three to five years due to positive sentiment towards defense indigenization and exports.
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