Space Stocks in India Add $2.5 Billion
Linde India, Centum, and Avantel are among the top gainers this week
Chandrayaan-3 spacecraft expected to land on Wednesday
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Space Stocks in India Add $2.5 Billion Ahead of Moon Landing!!#space #IndiaOnTheMoon #StocksInFocus pic.twitter.com/eMYhU2stiQ
— The_Journalbiz (@the_journalbiz) August 23, 2023
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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%.
