Paras Defence and Space Technologies saw its share price skyrocket by 10% on the morning of January 7, following the announcement that the company had been granted a lifetime license under the Arms Act, 1959. This license gives Paras Defence the green light to produce modernised, enhanced MK-46 and MK-48 Belt-fed Light Machine Guns (LMGs), with an impressive production target of 6,000 units annually. This move has the potential to significantly boost the company’s manufacturing capacity. The news caused a surge in the stock, pushing it to ₹1,066.50 per share, hitting the upper price limit. Prior to the announcement, the stock had opened at ₹960.65, slightly below its previous close of ₹969.55. By 10:05 AM, Paras Defence was up 6.8% at ₹1,035.30, bouncing back from its earlier dip. Despite the positive price jump today, in the past month, the stock has faced an 8% decline and a 33% drop over the last six months. However, looking at the longer term, it’s up 32% over the past year.