Paras Defence and Space Technologies rose 2.82% to Rs 494.05 after the firm said that it has entered into MoU with CONTROP Precision Technologies, to create new opportunities and expand both parties' business in the Indian and Global Defence sector.
CONTROP Precision Technologies (CONTROP) is a privately owned company that specializes in the development and production of electro-optical and precision motion control systems for surveillance, defense and homeland security applications.To support the memorandum of understanding (MoU) objectives, the company and Israel based-CONTROP intend to form a joint venture company (JV) in India for manufacturing electro-optic systems for various applications.
Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defense and space sector, operating in three main verticals - defence and space optics, defence electronics solutions, and heavy engineering.
The company's consolidated net profit rose 27.25% to Rs 9.76 crore on a 31.09% increase in sales to Rs 60.88 crore in Q3 FY23 over Q3 FY22.
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