Paras Defence gains 2% after on bagging 400-drone contract

The Rs Rs 42.4 crore contract includes procurement of 400 agri-drones for IFFCO Nano Fertilisers and a two-year annual maintenance contract

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Shares of Paras Defence and Space Technologies gained 2 percent in the morning trade on July 3 after the company announced securing a Rs 42-crore contract for 400 agri- drones from IFFCO Nano Fertilizers.

A subsidiary of Paras Defence & Space Technologies Limited has received the contract for procurement of 400 units of agri-drones for IFFCO Nano Fertilisers, including two years annual maintenance contract (AMC), totaling around Rs 42.4 crore, the company said in a regulatory filling.

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The broad breakup of the order size includes the value of deliveries, drones, accessories, and spares, which is approximately Rs 34.7 crore, and the value of the AMC for two years estimated at Rs. 7.7 crore, totalling up to Rs 42.4 crore.

At 9.35 am, the stock was trading at Rs 627.50 on the National Stock Exchange, up 2.32 percent from the previous close.

The stock has gained 10.08 percent in the past month after the company entered into a joint venture agreement with Israel-based CONTROP Precision Technologies to manufacture, install, and provide logistics and after-sale support in the electro-optic infra-red field, in keeping with the Make in India initiative.

Paras will hold a 30 percent stake in the venture, while the remaining 70 percent will be held by CONTROP.

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