On October 23, shares of Paras Defence and Space Technologies opened unchanged at Rs 738.50 on the NSE. However, by 10:12 a.m., the price of the stock had decreased by nearly 3 percent and was trading at Rs 719.40 per share.
According to a regulatory filing dated October 20, the Board of Directors of Paras Defence and Space Technologies has approved the formation of an affiliate company by entering into a joint venture (JV) agreement with the United States-based MICRO-LAM. The filing indicates that Paras will possess a 40% stake in the joint venture company. According to Paras Defence, the JV will provide specialized training, skill development, and education pertaining to diamond tooling maintenance services.
Additionally, the company announced that its board of directors had considered and approved the incorporation of a wholly-owned subsidiary named Quantico Technologies Private Limited. According to the filing, this is part of their efforts to develop Quantum Communications-related technologies and products. The subsidiary will “engage in developing end-to-end solutions for Quantum Communication by acquiring complementary capabilities and resources.”
Paras Defence is a manufacturer of defense and space applications headquartered in Mumbai. Defense & Space Optics, Defence Electronics, Heavy Engineering, Electromagnetic Pulse Protection Solutions, and Niche Technologies are the five primary business verticals.
