Defense and aeronautical stocks continue to rise on the success of Chandrayaan-3
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New Delhi: Shares of companies related to aeronautical technology and defense sector also gained momentum on Thursday after the successful landing of Indian spacecraft Chandrayaan-3 on the south pole of the moon. Chandrayaan-3’s lander ‘Vikram’ and the lander module equipped with rover ‘Pragyan’ succeeded in soft landing on the south pole of the Moon. The stock market was also witnessing a ruckus regarding the Chandrayaan mission and stocks from the aircraft, space and defense sectors Investors’ enthusiasm was seen towards the respective companies. Among these, the company Centum Electronics, which supplied more than 200 components for the Chandrayaan-3 mission, is also included.
Shares of Centum Electronics soared up to 19.69 per cent on Thursday, while shares of Paras Defense and Space Technologies Ltd. gained 17.30 per cent. Similarly, MTAR Technologies gained 10.32 per cent and Hindustan Aeronautics Ltd. gained 2.69 per cent. Shares of defense-related company Bharat Forge rose by 1.63 per cent, Abhi Microwave Products by 2.63 per cent and Larsen & Toubro by 1.82 per cent.
Shares of most companies reached their 52-week high in early trade. Shares of defense and aeronautical sectors also rose on Wednesday. Chief Investment Strategist, Geojit Financial Services V.K. Vijayakumar said that the successful landing of Chandrayaan-3 on the moon showed a positive impact on the Indian market.
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