The share price of Paras Defence and Space Technologies surged over 7.5% after the company’s announcement of a joint venture agreement with an Israel-based firm.
What Happened? Under the agreement, Paras Defence will collaborate with CONTROP Precision Technologies to manufacture, install, and provide logistics and after-sale support in the electro-optic infrared field, aligning with the “Make in India” initiative.
Last month, Paras Defence 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.
Paras Defence, which counts Mukul Agrawal as an investor, manufactures defence electronics and space application products.
Paras will hold a 30% stake in the joint venture, while CONTROP will retain the remaining 70%.
Price Action: Paras Defence’s share price had shot up 7.73% to ₹538.60 on Friday Morning.
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