Chandrayaan-3 is just hours away from creating history as it prepares to land on the south pole of the moon. ISRO has initiated the automatic landing sequence (ALS) and is waiting for the Moon mission to arrive at the destination point and start is descend towards the lunar surface. Ahead of the Chandrayaan-3 landing the stocks of 13 space-sector companies rallied displaying the optimism around India’s space program.
As per the data compiled by Bloomberg News, the stocks of companies related to the space sector like in the supply of equipment from electronics components to metal gears have added more than $2.5 billion in market value.
Linde India’s share jumped 23% this week and closed at ₹5,923 (up 2.73%) on Wednesday. Chandrayaan-3 mission required some critical modules and systems which was provided by Centum Electronics. The share of the company has witnessed an 11% rally this week and closed 14.51% up on Wednesday at ₹1,648. The shares of Avantel, which is a satellite communication provider jumped more than 12% this week and closed at ₹235 (up 1.34%) at Wednesday’s closing.
HAL manufactured Lander Module ‘Vikram’
Hindustan Aeronautics Limited (HAL) which manufactured the Lander Module ‘Vikram’ of Chandrayaan-3 rallied 3.5% to hit a new 52-week high on Wednesday’s session. This is the third consecutive rally of HAL share price which closed at ₹4,043 (up 3.89%) at Wednesday’s closing. As per Trendlyne, the share price of HAL grew 80.1% in the past year and outperformed its sector by 10.1%.
The strategists said that participating in Chandrayaan-3-like crucial missions can provide these companies with more opportunities. Kranthi Bathini, a strategist with Mumbai-based WealthMills Securities Pvt said that these companies can become part of global projects in the future and export their services.
The world is holding its breath and praying for a safe landing of Chandrayaan-3. In various places of India, puja ceremonies are being organized to pray for the safe landing of the Lander Module ‘Vikram’.
(With inputs from Bloomberg)
Download The Mint News App to get Daily Market Updates.
Updated: 23 Aug 2023, 04:05 PM IST