On April 12, Paras Defence and Space Technologies shares soared more than 3% in the morning trade after announcing that subsidiary Paras Anti-drone Technologies Private Limited signed a pact with Mumbai-based Spacekawa Explorations Private Limited.

The agreement shows the indigenous developments and deployment of Space intelligence, surveillance, and reconnaissance (ISR) cargos, including RF Wideband Software-defined Radio (SDRs), the company mentioned in the exchange filing.

At 9.53 am, Paras Defence and Space Technologies traded 2.7% higher at Rs 532.15 on the BSE.

The company signed this MOU and said that Paras Anti-drone Technologies Private Limited and Spacekawa Explorations Private Limited (Kawa Space) aim to develop and advance technologies for space applications, addressing the tasks of a rapidly changing world.

Paras Defence is one of the foremost players in India’s defence and space industry, with specialised technology capabilities like optics and EMP protection.

The company articulates that it delivers products and services to five key verticals – defence & space optics (51% of FY22 revenues), heavy engineering (23%), defence electronics & EMP solutions (26%), and drones and anti-drone systems through subsidiaries.

On October 1, 2021, Paras Defence made a mega debut on the Indian bourses, listing at a 171% premium over the issue price. The defence company’s stock is listed at Rs 475 on the BSE against the issue price of Rs 175, opening at Rs 469 on the NSE.