Paras Defence Shares Surge Over 8% On Joint Venture With Israel's Controp
Shares of Paras Defence & Space Technologies Ltd. rose the most in nearly 14 months on Friday after it entered into a joint venture agreement with an Israeli company.
The company said it is setting up a 30:70 joint venture company with Israel-based Controp Precision Technologies to manufacture electro-optic and infrared systems for various applications, according to an exchange filing.
Paras Defence & Space Technologies maintains the right to nominate one director, while Controp Precision Technologies maintains the right to nominate three directors on the board of the proposed company.
A mutual consent of both companies will be required for the issue of equity shares, preference shares, warrants, options, or other securities, according to the filing.
Shares of Paras Defence & Space Technologies surged 7.9% to Rs 539 apiece, compared to slim gains in the NSE Nifty 50 as of 10:09 a.m. The stock rose 8.73% intraday, the most in over 14 months since Feb. 25, 2022.
The average traded volume so far in the day stood at 30.2 times its monthly average.
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