Paras Defence shares rose 9% after announcing a joint venture with CONTROP Precision Technologies for manufacturing Electro Optic/Infra Red systems. The Indian firm will have a 30% stake in the joint venture while the other 70% will be with Israel-based Controp. The venture agreement means Paras will be able to appoint one director and mutual agreement will be required for equity shares and other securities. Significantly, Paras Defence announced a Memorandum of Understanding with the Society of Applied Microwave Electronics Engineering Research recently and the firm remains volatile.