Shares of Paras Defence and Space Technologies surged over 7 percent in trade on Wednesday after the company announced a strategic agreement with US-based Northstar. The stock was trading at Rs 757.15, up Rs 51.25 or 7.26 percent on the NSE.
In a regulatory filing, the company said it has signed an agreement with Bandak Aviation Inc., doing business as Northstar, USA, to supply and support Northstar products for the Indian armed forces. The partnership will focus on air-to-air refuelling systems and related accessories, along with associated services.
Under the agreement, both parties will collaborate exclusively to develop facilities and depot-level capabilities to sell and support Northstar products and services for the Indian Air Force. The agreement will remain in force for a period of 10 years.
Paras Defence clarified that it does not hold any stake in Northstar and the transaction does not fall under related-party dealings. The company develops and supplies products and solutions for defence and space applications.
