Paras Defence Share Price Soars by 20% in Historic Surge
๐ The domestic stock market has been witnessing a continuous uptrend in the past few days. After a record plunge in the market on the day Lok Sabha election results were announced, there has been a bullish sentiment in the market ever since the Modi government came into power for the third time.
๐ On the last trading day of the week, Friday, defense shares saw the biggest surge in the market with an historic increase. During the intraday trading on Friday, defense shares gave remarkable returns, with some stocks rising by up to 20% in a single day.
๐ก๏ธ The announcement by the central government on Friday gave a boost to defense shares. After a special announcement by Defense Minister Rajnath Singh regarding the defense sector, these shares have been on the rise.
๐ฎ It is expected that with the Modi government’s focus on the defense sector in the coming years, defense companies will continue to see growth. Defense Minister Rajnath Singh announced that the government aims to increase defense exports to โน50,000 crore in the next five years.
๐ฐ On Friday, Paras Defence and Space Technologies Limited’s shares surged by 20% to reach โน1,157.25. In the past month, Paras Defence shares have given returns of over 60%, with other defense stocks also showing significant growth.
๐ Global brokerage firm Jefferies has recommended buying Hindustan Aeronautics Limited at a target price of โน5,725, citing a positive outlook on indigenization and defense exports. The target price is 12% higher than the previous closing price of โน5,103 per share.
๐ Jefferies predicts that due to the positive outlook on defense indigenization and exports, HAL will continue to see double-digit growth in the next three to five years.
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