MUMBAI: Indian space-sector companies rallied ahead of the lunar touchdown of its Chandrayaan-3 spacecraft on Wednesday, which will potentially give a further boost to the nation’s space program.
Stocks of 13 companies that supply equipment ranging from electronics components to metal gears used in a rocket’s communication and navigation have added more than $2.5 billion in market value this week, according to data complied by Bloomberg.
The Chandrayaan-3 rocket of the Indian Space Research Organisation will attempt landing near the moon’s south pole on Wednesday evening, making the country first to reach the unchartered lunar territory after a similar attempt by Russia ended in a failure this month.
The gains among spacecraft suppliers are led by industrial gas firm Linde India that has risen more than 23% this week. Centum Electronics, which supplied critical modules and systems for the mission, advanced nearly 11%, while satellite communication provider Avantel, which counts ISRO among its customers, rose more than 12%.
Participating in critical projects such as the moon mission could open up opportunities for companies in the segment, said Kranthi Bathini, a strategist with Mumbai-based WealthMills Securities Pvt. They can be part of global projects going forward, and export their products and services, he said.
