On June 2, Paras Defence and Space Technologies’ share price soared 7% in the early morning trade after the firm signed a joint venture agreement with an Israeli company.

Paras Defence and Space Technologies entered into a joint venture agreement with CONTROP Precision Technologies to produce, install and deliver logistics and after-sale support in the electro-optic infra-red field aligning with Make in India initiative.

Paras will hold a 30% stake in the venture, and the remaining 70% will rest by CONTROP.

Paras Defence delivered a 4.5% jump in Q4FY23 net profit at Rs 10.76 crore, besides Rs 10.30 crore in the same quarter last fiscal. The company’s revenue increased 6.3% at Rs 65.10 crore from Rs 61.24 crore YoY.

At 9:21 am, Paras Defence and Space Technologies cited Rs 533.35, up Rs 33.30, or 6.66% on the BSE.

The share moved a 52-week high of Rs 811.35 on September 19, 2022, and a 52-week low of Rs 447.10 on March 28, 2023. It traded 34.26% below its 52-week high and 19.29% above its 52-week low.