Why Paras Defence & Space Technologies hit 10% upper circuit in trade?

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Why Paras Defence & Space Technologies hit 10% upper circuit in trade? - Business Standard

Quick Summary:

Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry, Government of India granted license to the company for a lifetime.

This license authorises the company to manufacture MK-46 and MK-48 Belt-fed Light Machine Gun (LMG) – Modernised Enhanced and Redefined LMG with a proposed annual capacity of 6000 nos each," the filing read.

The testing facility is an advanced centre for research and development of hyperspectral and other optical systems for Space and Defence in India.