Paras Defence surges as subsidiary signs pact with Spacekawa Explorations

The agreement is for indigenous developments and deployment of Space intelligence, surveillance and reconnaissance (ISR) payloads which will include RF Wideband Software defined Radio (SDRs), said Paras Defence.

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Shares of Paras Defence and Space Technologies surged more than three percent in the morning trade on April 12 following the announcement that subsidiary Paras Anti-drone Technologies Private Ltd signed a pact with Mumbai-based Spacekawa Explorations Pvt Ltd.

The agreement is for indigenous developments and deployment of Space intelligence, surveillance and reconnaissance (ISR) payloads, which will include RF Wideband Software defined Radio (SDRs), the company said in an exchange filing.

At 9.53 am, Paras Defence and Space Technologies was trading 2.7 percent higher at Rs 532.15 on the BSE.

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“Further by signing this MOU, Paras Anti-drone Technologies Private Limited and Spacekawa Explorations Private Limited (Kawa Space) intends to develop and advance technologies for space applications that can address the challenges of a rapidly changing world,” the company added.

Paras Defence is one of the leading players in India’s defence and space industry and one of the few Indian companies with specialised technology competencies like optics and EMP protection.

The company says it provides products and services to five key verticals – defence & space optics (51 percent of FY22 revenues), defence electronics & EMP solutions (26 percent), heavy engineering (23 percent) and drones and antidrone systems through subsidiaries.

Paras Defence made a bumper debut on the Indian bourses on October 1, 2021, listing at a 171 percent premium over the issue price. The defence company’s stock listed at Rs 475 on the BSE against the issue price of Rs 175, and opened at Rs 469 on the NSE.

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