“We are pleased to inform that Paras Defence and Space Technologies Limited has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, India, for the proposed Optics Park Project in Navi Mumbai, Maharashtra. This prestigious Optics Park Project is set to commence in the year 2028,” the company stated in an exchange filing.
The proposed project entails an investment of Rs 12,000 crore over the next 10 years, subject to land allocation and subsidies from the state government. Once operational, it is expected to create 2,000 direct employment opportunities and become India’s first dedicated technology hub for optics and optical technologies.
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The Maharashtra government has committed to supporting the project by addressing potential hurdles.
“The Government of Maharashtra will facilitate the Company to obtain necessary permissions/registrations/approvals/clearances/ fiscal incentives etc. from the concerned departments of the State, as per the existing policies/rules and regulations,” it added.Also Read: Stocks in news: Ultratech, Dr Reddy’s, HUL, Go Digit, Airtel
Paras Defence stocks technical indicators
In technical terms, the relative strength index (RSI) of the stock is currently at 49.3. An RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. Additionally, the MACD is at -3.7, which is above its center and signal Line, this is a bullish indicator.
Moreover, the stock was trading lower than the 5-day, 10-day, 30-day, and 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).
Paras Defence shares performance
On Wednesday, Paras Defence shares closed at Rs 1,028.7, down 2.9% on the BSE, while the benchmark Sensex surged 0.75%. The stock has declined 25% over the past six months but gained 83% in the last two years. The company’s market capitalization stands at Rs 4,145 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
