Why Paras Defence share price is skyrocketing - explained
1 min read . Updated: 15 Mar 2023, 01:38 PM IST
Premium- Paras Defence and Space Technologies, also the portfolio stock of ace investor Mukul Agrawal, has risen from ₹469 to ₹504 levels in two days as the MoU with Israel-based Precision Technologies Ltd has seemed to fuel market sentiments
Shares of Paras Defence and Space Technologies rallied 5 per cent in Wednesday's early deals after the company said that it has entered into an agreement with Israel-based CONTROP Precision Technologies.
Paras Defence and Space Technologies, also the portfolio stock of ace investor Mukul Agrawal, has risen from ₹469 to ₹504 levels in two days as the MoU with Israel-based Precision Technologies Ltd has seemed to fuel market sentiments. The stock was quoting ₹496.45 apiece, up 3.35 per cent on the NSE at around 12:55 pm.
Paras Defence and Space Technologies has entered into an MOU (Memorandum of Understanding) on March 14, 2023 with CONTROP Precision Technologies Ltd, Israel with an intent to create new opportunities and expand both parties' business in the Indian and Global Defence sector.
To support the MOU objectives, the parties intend to form a Joint Venture Company (JV) in India for manufacturing Electro-Optic Systems for various applications, all in accordance with the Government of India's Make in India initiative, Paras Defence said in a filing.
Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defence and space sector.
For the quarter ended December 2022, Paras Defence reported a revenue growth of around 40 per cent as compared to the same period a year ago, while net profit surged 28 per cent.