Shares of Paras Defence and Space Technologies surged more than five percent in intraday trade on Friday after the company bagged an order worth Rs 53 crore from Defence Ministry for supplying Optronic Periscopes.

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The company will have to make partial delivery in the financial year 2023-24 (FY24) and the balance by the following fiscal year, Paras Defence said in a filing to the stock exchanges.

The order was secured on June 15 from the Instrument Research and Development Establishment (IRDE), a laboratory of the Defence Research and Development Organisation (DRDO).

Paras Defence and Space Technologies offers high-precision products and turnkey solutions to the defence and space sector.

The company's current order book stands at over Rs 550 crore and will start building further in the next quarter (June), Paras Defence and Space Technologies' Director for Business Development Amit Mahajan told CNBC-TV 18 last month.

In May, the company announced that it entered into a pact with the research and development (R&D) laboratory of the Ministry of Electronics and Information Technology (MeiTY).

In April, Paras Aerospace, a subsidiary of Paras Defence and Space Technologies Ltd, obtained Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Government of India, for its Agri Drone – “Paras-Agricopter”.

The certification will enable the execution of existing contracts received by Paras Aerospace for “Paras-Agricopter” and open up new opportunities for the company in the agricultural drone segment.

Shares of Paras Defence ended 4.6 percent higher at Rs 580.70.