Paras Defence shares surged over 8 % in early trade on Monday, riding high on a region-huge rebound and investor pleasure ahead of its important board meeting on May 1.
The company, which has received over 52 % in the past year, is scheduled to check a stock break up proposal and announce its Q4 and FY25 audited financial results this Wednesday. A final dividend declaration is at the playing cards, per the company’s latest trade submitting. However, the stock split ratio has not but been disclosed.
At 10:35 A.M., Paras Defence was trading 6.2 % higher at Rs 1,109.8 apiece on the NSE after hitting an intraday high of Rs 1,129. The stock outperformed both the benchmark Nifty 50 up 0.89 % and the Nifty Defence index, which was the top sectoral gainer, growing 3.71 %.
Paras Defence shares rise by 8%
Defence shares staged a pointy rebound on Monday after remaining week’s income booking. Paras Defence was among the top three gainers in the Nifty Defence index, with volumes spiking over six times its 30-day average. The relative strength index (RSI) stood at 65.15, indicating bullish momentum.
The rally comes at the again of robust long-time period defence order flows and growing production recognition. Earlier in January, the company obtained a lifetime-validity manufacturing licence for MK46 and MK48 belt-fed light device guns, with an annual production capacity of 6,000 gadgets every.
Dividend Announcement
All eyes will now be at the May 1 board meet for readability at the stock split and earnings performance. With defence shares returned in motion, Paras Defence shares announcements could act as a clean trigger for in addition upside.
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