Shares of Paras Defense rose 32 percent in 8 sessions after listing. should you buy

According to stock market experts, the share price of Paras Defense has reached its highest valuation and should book profits at current levels. He advised investors to re-enter the approx. ₹500 level for long term horizon.

Speaking on Paras Defense Share; Ravi Singhal, Vice Chairman, GCL Securities said, “Paras Defense Share has achieved our given target. ₹620 to ₹630 And now we recommend investors to exit at current levels. Paras Defense was expected to zoom further after the listing as there was a possibility of an upward move in the defense stock due to discussions in the defense sector following some of the recent announcements made by the Government of India (GoI). At the current level, the stock of Paras Defense has reached its maximum valuation and huge profit-booking is awaited from here. So, it is suitable for those who keep this defense counter to exit. Those who booked profit earlier and wish to re-enter are advised to wait for profit-booking and re-enter approx. ₹Maintaining a stop loss at the level of 500 per share ₹460. In fact, new buyers can also start shopping at ₹500 levels.”

Highlighting the fundamentals which augurs well for the shares of Paras Defense; Santosh Meena, Head of Research, Swastika Investmart said, “Paras Defense and Space Technologies is primarily engaged in the design, development, manufacturing and testing of a variety of defense and space engineering products and solutions. In keeping with the government’s focus on space and Keeping in view the defense sector, both the sections of the company are likely to benefit. The “Make in India” campaign by the government to become self-reliant by 2027 will give a boost to the industry. The company has a strong order book too.” Meena said that these are good signs for the stock in the long term.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.