Shares of Paras Defence and Space Technologies surged nearly 10% on Wednesday, continuing rally for the third straight session, as investors rushed to buy stock ahead of its March quarter earnings report. The smallcap defence stock has risen over 40% in three days despite volatility in the broader market.

Early today, Paras Defence shares opened 3.5% higher at ₹1,384 after ending 17% in the previous sessions. Extending opening gains, the counter gained as much as 9.9% to ₹1,469, inching close to its 52-week high of ₹1,592.75 touched on July 5, 2024. The defence share has rebounded 115% from its 52-week low of ₹681.95 hit on May 10, 2024.

At the time of reporting, shares of Paras Defence were trading 4.9% higher at ₹1,402.55, with a market capitalisation of ₹5,651, paring half of early gains. Meanwhile, the equity benchmarks BSE Sensex and NSE Nifty were trading flat with marginal gains.