Paras Defence shares hit 20% upper circuit after ₹229 crore block deals

In its fifth straight day of gains on June 18, Paras Defence soared by 20% to hit a fresh 52-week high and the upper circuit limit at ₹1,388.25 per share on the NSE.

Paras Defence shares had soared by 20% on Friday to hit year-high levels as well as the upper circuit at ₹1156.9 apiece on the NSE as Abu Dhabi Investment Authority (ADIA) bought a 1.44% stake in the company through large deals.

ADIA bought 1.44% stake in Paras Defence at an average price of ₹1,120.71 per share on Friday. The stock gained 7% on Thursday as well.

More 1.12 crore shares of the company changed hands on the bourse, the NSE data showed.

Market reports claimed around 4.4% of the total equity was traded at an average price of ₹1,388 per share on bourses on Tuesday. The total deal value was ₹229.4 crore.

Buyers and sellers of shares were not known yet. Exchanges will update the information after market hours.

In the five days of gains, the stock has risen around 58% since June 10.

Meanwhile, in a clarification sought by exchanges on increase in trading volume, Paras Defence said that the company has been providing details of all the events, information and price sensitive information or any information which have a bearing on the operations of the performance of the company to the stock exchanges.

“There is no such information / announcement which is pending to be intimated by the company to the stock exchange(s) that may have a bearing on the price / volume behaviour in the scrip of the company,” the company clarified.

Further, the increase in price/volume of the company’s stock is purely due to market conditions and is absolutely market driven, it added.