Paras Defence and Space Technologies has received a letter of intent for an order worth Rs 22.21 crore from the French defence company Cerbair.
In a filing exchange, Paras Defence said that it has received the Letter of Interest for 30 units of CHIMERA 200, an anti-drone technology.
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Paras Defence and Space Tech said its subsidiary company, Paras Anti-Drone Technologies, will fulfil the order placed by Cerbair. The company said that the subsidiary company, Paras Anti-Drone, specialises in drone jamming technologies.
Paras Defence stock price movement
Paras Defence and Space Tech saw a 2 percent growth in its stock price on Tuesday as it announced the LoI for the order. The company’s share opened at Rs 1608 and jumped to Rs 1634 by 09:55 AM. After a slight fall, the Paras Defence’s stock closed at Rs 1629.50.
In the past few months, the defence stock has been on an upward trend on the stock market. In the past three months, Paras Defence’s stock has seen a growth of about 66 percent. On April 1, its share was trading at Rs 977, which has since risen to Rs 1347 on May 2 and Rs 15393 on June 3 and Rs 1629 on July 1.
Paras Defence’s businesses
Paras Defence is a 40-year-old tier-2 defence company, making defence engineering products for private companies and governmental agencies. It manufactures products like control systems, communication systems, imaging systems and antennas for defence and civilian purposes.
Paras Defence has 7 subsidiaries which work on different technological projects. The Paras Anti-Drone Technologies in manufacturing drones for applications ranging from agricultural, industrial and military surveillance and security.
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