Paras Defence ties up with Czech company for anti-drone system; stock jumps 5%

Shares of rose nearly 5 per cent after the defence player entered into an exclusive teaming agreement with 'ELDIS Pardubice' s.r.o., Czech Republic, with an intention to provide Turnkey Anti-Drone Systems for Civilian Airports in India.

At 10.30 am, the scrip was trading 3.73 per cent higher at Rs 721.90 over the last day’s closing of Rs 695.95 a piece. The stock has risen 14 per cent in the last three months and is up nearly 7 per cent in the past one months.

Paras Defence is involved in the design, development, manufacturing and testing of a wide range of defence and space engineering products and solutions. The company is one of the leading providers of optics for several Indian defence and space programs.

For the quarter ended June 30 2022, the company reported consolidated net sales of Rs 40.76 crore, down 33.44 per cent from the last quarter's net sales of Rs 61.24 crore. The company reported a net profit of Rs 6.81 crore for the latest quarter.