Paras Defence up 9%

Paras Defence is right there among the top three gainers on the BSE since the opening bell; opening over 4% higher at Rs.521.10, the stock rose further to an intraday high at Rs.543.50, up 9%.

The reason? The company’s announcement yesterday evening that it has entered into a JV with an Israel-based company, CONTROP Precision Technologies.

This JV, wherein Paras will hold 30% stake, is for the manufacture, installation and provide logistics and after-sale support, etc, in the electro-optic infra-red systems for various applications.