Paras Defence shares surge 7% on JV with Israeli company

Paras will hold a 30 percent stake in the venture and the remaining 70 percent will rest with by Israel’s CONTROP

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Paras Defence and Space Technologies share price rose 7 percent in the early trade on June 2 as the company entered into a joint venture agreement with an Israeli company.

Paras Defence and Space Technologies has entered into a joint venture agreement with CONTROP Precision Technologies to manufacture, instal and provide logistics and after-sale support, etc, in the electro-optic infra-red field in keeping with Make in India initiative.

Paras will hold a 30 percent stake in the venture and the remaining 70 percent will rest with by CONTROP.

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Paras Defene posted a 4.5 percent jump in Q4FY23 net profit at Rs 10.76 crore against Rs 10.30 crore in teh same quarter of the previous fiscal. Teh company’s revenue rose 6.3 percent at Rs 65.10 crore from Rs 61.24 crore, YoY.

At 9.21 am, Paras Defence and Space Technologies was quoting at Rs 533.35, up Rs 33.30, or 6.66 percent on the BSE.

The share touched a 52-week high of Rs 811.35 on September 19, 2022 and a 52-week low of Rs 447.10 on March 28, 2023. It is trading 34.26 percent below its 52-week high and 19.29 percent above its 52-week low.