scorecardresearchChandrayaan-3 success: Aerospace and defence stocks hit new 52-week highs

Chandrayaan-3 success: Aerospace and defence stocks hit new 52-week highs

Updated: 24 Aug 2023, 04:49 PM IST

Seven stocks in aerospace and defence sectors surge to hit fresh 52-week highs after Chandrayaan-3 success.

Walchandnagar Industries played a vital role in the Chandrayaan-3 mission.

Walchandnagar Industries played a vital role in the Chandrayaan-3 mission.

Following the triumphant soft landing of Chandrayaan-3 on the Moon, multiple stocks within the aerospace and defence sectors, closely linked to the mission, experienced notable surges in Thursday's trading session, setting new 52-week highs.

Larsen and Toubro shares continued to climb for the fourth straight session, marking a new 52-week high of 2,766.8 apiece. The company has a long partnership with ISRO; it has manufactured proof pressure testing as well as critical booster segments for the mission.

MTAR Technologies shares have been trending higher ever since the Chandrayaan-3 lift-off. The shares in today's trade opened with a huge gap-up at 2,428 over the previous closing price of 2,220 and climbed further to a 52-week high of 2,440.

The company is engaged in the business of manufacturing high-precision and heavy equipment, components, and machines for sectors including nuclear, aerospace, and defence. The company supplied core parts for the mission, including engines (Vikas Engines cryogenic engine subscriptions) as well as pumps. Earlier, the company also played a key role in the country's second lunar exploration mission.

Likewise, Centum Electronics has also seen its shares hit a new 52-week high of 1,948.6 apiece in today's trade. From their May 2023 low of 805, the shares have climbed 124% to date.

The company designs, develops, and manufactures customised, complex products for defence and space customers. It is a leading industry partner for India’s DRDO labs, defence PSUs, and the Indian Space Research Organization, having delivered mission-critical electronics on major missile, radar, electronic warfare, and satellite applications. Centum delivered more than 200 mission-critical modules to the Chandrayaan-3 mission.

Paras Defence and Space Technologies was another stock that recorded a new 52-week high of 842 apiece during Thursday's trade. The company is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions.

The company's business is spread across five verticals, including defence and space optics, defence electronics, heavy engineering, electromagnetic pulse protection solutions, and niche technologies. For the Chandrayaan-3 project, the company supplied the navigation systems.

Next up, Hindustan Aeronautics, a defence PSU company, also took part in the country's third lunar mission by providing mechanical support equipment along with the development of the Vikram lander. The company's shares jumped 2.5% during Thursday's trade to touch a new 52-week high of 4,135 apiece.

Bharat Electronics shares also reacted positively during the trade, reaching a new one-year high of 135.50. The company provided batteries to ISRO for the construction of Chandrayaan-3.

Mishra Dhatu Nigam, a steel company, supplied various alloys and special steel for the lift launch vehicle, and in today's trade, the stock hit a new 52-week high of 426.3 apiece.

Walchandnagar Industries, on the other hand, played a vital role in the Chandrayaan-3 mission. According to the company, out of six booster motors (S-200) employed in the Chandrayaan-3 mission, four were manufactured by the company. Reacting to the success of the mission, the company's shares in today's trade zoomed by 1.4% to 101.95.

Established in 1908, Walchandnagar Industries is a heavy engineering company with a presence in strategic sectors like defence, nuclear and aerospace industrial products.


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First Published: 24 Aug 2023, 04:49 PM IST