Shares of Paras Defence and Space Technologies Ltd jumped 2% on 14 October after the company signed a Memorandum of Understanding (MoU) with Cielo Inertial Solutions, Israel.

The firm and CIELO will combine their respective strengths to promote and seek prospects in India for the adaptation, marketing, sale, and production of inertial sensors and closed-loop FOG-based inertial solutions.

CIELO is a global technical leader in inertial systems, as well as an Israeli manufacturer of Closed Loop FOGs, IMUs, GyroCompass, North Finding Systems, and INS.

Earlier this month, the company’s subsidiary Paras Anti-Drone Technologies obtained an order from the Ministry of Defence, Government of India, for about Rs 46.19 crore (incl GST) for Anti-Drone Systems such as Drone Jammers.

Last month, the company received an international order from Elbit Security Systems in Israel for ElectroOptics for roughly 3.8 million USD (Rs 34 crore).

At 12:05 pm, the shares of Paras Defence were trading 0.08% higher at Rs 708.20 on NSE. 

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