Paras Defence's subsidiary shortlisted for Government's PLI scheme for drones; stock soars ~3%

21 Apr 2022 , 02:15 PM

Paras Defence and Space Technologies Limited’s subsidiary Paras Aerospace Private Limited has been shortlisted by MoCA in the category of drone component manufacturers among others.

The company has qualified as per the minimum value addition criterion of more than 40%. The company is eligible to receive incentives from the MoCA as per the terms and conditions stipulated under the PLI scheme for Drones.

Ministry of Civil Aviation (MoCA) – SDIT Division vide its Public Notice dated April 20, 2022, has issued the first provisional list of beneficiaries under the PLI scheme for drones and drone components manufacturers.

The Government of India announced the PLI scheme for drones with a total budget outlay of Rs120 crore for a period of 3 (three years) with a 20% incentive to the industry on the value addition the qualified companies will provide.

At around 2.15 PM, Paras Defence’s stock was trading 3.13% higher at Rs722.40 per piece, against its previous close of Rs700.45 on NSE. It touched intraday high and low of Rs743.90 and Rs707 respectively so far in the day.