Paras Defence Witnesses 7% share surge following a joint venture with CONTROP

2 Jun 2023 , 01:54 PM

Paras Defence and Space Technologies, an Indian company, witnessed a 7 % increase in share price following its joint venture agreement with CONTROP Precision Technologies, an Israeli company. 

• Paras Defence and Space Technologies have entered into a joint venture agreement with CONTROP Precision Technologies.
• The joint venture aims to manufacture, install, and provide logistics and after-sale support in the electro-optic infra-red field, aligning with the Make in India initiative.
• Paras Defence will hold a 30 % stake in the venture, while CONTROP will hold the remaining 70%.

Financial Performance:

In Q4FY23, Paras Defence recorded a net profit of Rs.10.76 crore, reflecting a 4.5 % increase compared to the same quarter of the previous fiscal year The company's revenue also grew 6.3 %, reaching Rs.65.10 crore in Q4FY23 from Rs.61.24 crore in the previous year.

Market Response:

Following the joint venture announcement, Paras Defence and Space Technologies experienced a 7 % surge in its share price during early trade on June 2. 

The partnership with CONTROP and the positive financial performance in Q4FY23 have contributed to the market's positive response towards Paras Defence and Space Technologies.