Mukul Agrawal-Backed Firm Signs Anti-Drone Manufacturing Deal, Climbs To 4-Month High

Paras Defence and Space Technologies has signed an agreement with Society of Applied Microwave Electronics Engineering Research (SAMEER) for manufacturing and designing a number of technologies.

What Happened? Paras inked a memorandum of understanding with SAMEER, an autonomous R&D laboratory under the Ministry of Electronics and Information Technology (MeitY) for the design, development, and manufacturing of various tech, including anti-drone technology and 6G communications.

See Also: Why Apple Won’t Manufacture iPads, MacBooks In India Anytime Soon

Price Action: The Mukul Agrawal-backed stock jumped as much as 3% to ₹549.90, its highest since January 31, after announcing the agreement.

India’s drones and drone component manufacturing industry could attract investments worth Rs. 5,000 crore, which can beef up domestic manufacturing within the country and create more than 10,000 direct jobs over the next three years, according to an IBEF report.

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Posted In: EquitiesMarketsParas DefenceParas Defence and Space Technologies