Paras Defence and Space Technologies inches up on getting nod to incorporate Associate Company
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Paras Defence And Space Technologies is currently trading at Rs. 541.90, up by 0.75 points or 0.14% from its previous closing of Rs. 541.15 on the BSE.
The scrip opened at Rs. 539.45 and has touched a high and low of Rs. 544.70 and Rs. 531.00 respectively. So far 6713 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 811.35 on 19-Sep-2022 and a 52 week low of Rs. 447.10 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 550.60 and Rs. 525.05 respectively. The current market cap of the company is Rs. 2096.45 crore.
The promoters holding in the company stood at 58.94%, while Institutions and Non-Institutions held 3.10% and 37.96% respectively.
Paras Defence and Space Technologies has received an approval for incorporation of an Associate Company with CONTROP Precision Technologies (CONTROP) through a proposed Joint Venture Agreement. CONTROP is an Israeli Electro Optics (EO) company, specializing inter-alia in the development and production of EO/ Infrared (IR) payloads for Land, Air and Naval applications all around the globe.
The proposed Associate Company shall be engaged in the business of manufacturing EO/IR Systems for various applications in accordance with the Government of India’s Make in India initiative. The Board of Directors of the company at their meeting held on May 16, 2023, have approved the same.
Paras Defence and Space Technologies is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions.
