Shares of Paras Defence and Space Technologies rose nearly 2% to ₹1,401.50 in early trade on Monday following the announcement of a strategic Memorandum of Understanding (MoU) with Israel-based HevenDrones Ltd. The stock opened at ₹1,389.30 and touched an intraday high of ₹1,428.90, gaining attention from investors.
The company disclosed in a regulatory filing that the MoU aims to “create new business opportunities and expand our presence within the Indian and global defence sectors.” As part of the agreement, both companies plan to establish a Joint Venture (JV) in India focused on the development and manufacturing of logistics and cargo drones, aligning with the Indian government’s Make in India initiative.
The announcement comes on the back of strong Q4 earnings, where Paras Defence reported a 97% year-on-year (YoY) surge in net profit to ₹19.7 crore, compared to ₹10 crore in the same period last year. Revenue also increased by 35.8% YoY to ₹108.2 crore from ₹79.7 crore.
The positive earnings and strategic tie-up are expected to further strengthen the company’s position in the growing defence and drone technology space.
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