Defence and aerospace firm Paras Defence and Space Technologies saw its shares climb nearly 2% after it received an order for agricultural drones.
What Happened? A Paras subsidiary received a contract worth ₹42.4 crore to supply 400 agri-drones to the Indian Farmer Fertiliser Cooperative.
The contract includes accessories, spares and training for drone pilots, the company said in an exchange filing.
The Mukul Agrawal portfolio firm said the contract also came with the payment of an annual maintenance charge of ₹7.7 crore, included in the final deal value, and that it is set to deliver the drones by March 31, 2024.
Price Action: Paras Defence’s shares went up 2.4% to ₹628 in morning trade on Monday before shedding some gains.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.