The Defence Research and Development Organization (DRDO) selected Paras Defence and Space Technologies for handing over the technology of border surveillance systems as developed by Instruments Research & Development Establishment and DRDO.
This technology has been transferred by a licensing agreement for transfer of technology (ToT) for border surveillance systems entered between the company, Instruments Research & Development Establishment (IRDE) and Defence Research and Development Organization (DRDO).
This system shall provide all weather surveillance for day and night monitoring of the border areas, it shall consist of Radar, EO sensors etc., mounted on Pan Tilt platforms. With this ToT, Paras Defence and Space Technologies shall be serving the requirement of the Armed Forces of the nation.
On a consolidated basis, the company reported a 72.4% rise in net profit to Rs 8.07 crore on a 58.9% increase in net sales to Rs 50.48 crore in Q2 FY22 over Q2 FY21.
Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions. Its product offerings cater to four major segments of Indian defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solution and heavy engineering for defence and niche technologies.
The initial public offer (IPO) of Paras Defence and Space Technologies was subscribed 304.26 times. It opened for bidding on 21 September 2021 and closed on 23 September 2021. The price band of the IPO was fixed at Rs 165-175 per share.
Shares of Paras Defence and Space Technologies surged 6.72% to close at Rs 732.40 on BSE.
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