Paras Defence & Space Technologies saw its stock price rise to ₹1,633 on May 23 after confirming the formation of a joint venture with Israel's Heven Drones. The two companies will collaborate to build cargo drones domestically, targeting both military and commercial applications.

Under the agreement, Paras Defence will own 51% of the new subsidiary, while Heven Drones will hold 49%. Each party can nominate two directors to the board, and both will have pre-emptive rights in future equity issuances. The JV aligns with India’s ‘Make in India’ initiative, aimed at strengthening local defence manufacturing.

This development follows a May 5 MoU between the companies and comes at a time when defence stocks have been on the rise, fueled by recent geopolitical tensions and market optimism following 'Operation Sindoor.'