Shares of Paras Defence and Space Technologies opened flat on October 23 on the NSE at Rs 738.50. However, by 10:12 am, the stock price fell by nearly 3 percent, and it was trading at Rs 719.40 apiece.
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According to a regulatory filing on October 20, Paras Defence and Space Technologies' Board of Directors have approved to incorporate an associate company by entering into a joint venture (JV) agreement with the US-based MICRO-LAM. According to the filing, Paras will hold 40 percent stake in the joint venture company. The JV, according to Paras Defence is for the purpose of offering specialised training, skill development, and education centered around diamond tooling repair services.
The company also announced that its board had considered and approved the incorporation of a wholly-owned subsidiary named Quantico Technologies Private Limited. According to the filing, this is a part of their efforts to develop technologies and products related to Quantum Communications. The subsidiary will 'engage in developing end-to-end solutions for Quantum Communication by onboarding capabilities and resources to complement current expertise.'
Also read: Paras Defence Consolidated June 2023 Net Sales at Rs 48.32 crore, up 18.55% Y-o-Y
Mumbai-based Paras Defence is a defence and space applications manufacturer. The business has five main verticals - Defence & Space Optics, Defence Electronics, Heavy Engineering, Electromagnetic Pulse Protection Solutions and Niche Technologies.
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