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Paras Defence gains 20%, tops Rs 900 mark for 1st time; should you retain?

Paras Defence gains 20%, tops Rs 900 mark for 1st time; should you retain?

Paras Defence gains 20%, tops Rs 900 mark for 1st time; should you retain?
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By Sandeep Singh  Oct 19, 2021 1:24:12 PM IST (Updated)

Recent debutant Paras Defence's shares reached a fresh peak on Tuesday, extending gains to the third trading session in a row. At the current price, the Paras stock is up more than five times compared to the issue price of its blockbuster IPO.

Paras Defence & Space Technologies shares surged 20 percent on Tuesday to a new intraday peak. The stock price crossed the Rs 900 mark for the first time ever, continuing a winning streak for the third trading session in a row.

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A recent market debutant, Paras Defence stock price was locked in the upper 20 percent circuit at Rs 911.9 apiece on BSE, up by Rs 152 apiece from its previous close.
At the current level, Mumbai-based Paras Defence's shares have multiplied their value by more than five times compared with the issue price of Rs 175. The Paras stock has broken a series of records in the recent past.
Paras Defence shares have already given a return of 52.4 percent since its listing on October 1. The headline Sensex index has risen 5.1 percent during this period.
Santosh Meena, Head of Research at Swastika Investmart, believes the company is set to perform exceptionally well in the coming years given its strong order book, diversified product portfolio and robust client relationship.
The fundamentals are strong for the company, which operates in a niche segment that has high entry barriers, he said.
Should investors hold Paras shares?
One can stay invested in Paras Defence and Tech for the long term, Meena told CNBCTV18.com. "The counter is continuing its upward journey after a small correction where it may head towards the Rs 1,000 level in the near term," he said.
Paras Defence surpassed about 40 listings to emerge as the best debutant in the secondary market so far in 2021. Its shares were listed on stock exchanges BSE and NSE on October 1, commanding a premium of 171 percent and 168 percent over the issue price respectively.
In late September, Paras Defence and Space Tech's IPO was subscribed 304 times — also the best among the initial share sale offerings of 2021 so far.
Dalal Street has seen a slew of blockbuster market debuts so far this year. Besides Paras Defence, MTAR Tech, Tatva Chintan, Nazara Tech and Easy Trip are among the other top IPOs of recent times. Their initial share sale offers saw subscription of 159-201 times their respective issue sizes.
In terms of listing gains, Paras is followed by G R Infra, Clean Science, Tatva Chintan, debuting at premiums of 95-103 percent.
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