The share prices of some component suppliers to India’s mission to Mars have surged sharply since the spacecraft to the red planet was launched on November 5.
The Indian Space Research Organisation’s (ISRO) Mars Orbiter Mission successfully entered the red planet’s orbit. A successful landing could further boost shares in companies, traders said.
Since November 5, shares of Centum Electronics are up over 200 per cent while Walchandnagar Industries gained 80 per cent.
Nearly, two-thirds of the parts for the Mars rocket were made by domestic firms like Larsen & Toubro, Godrej & Boyce, and state plane-maker Hindustan Aeronautics.
Walchandnagar Industries, a Pune-headquartered company, made Rs. 10 crore worth of parts for the Rs. 450 crore Mars project. It had earlier said the project helped it win contracts worth double that amount for a state-run nuclear plant in Gujarat.
Another component supplier to Mars mission, Centrum Electronics, a Bangalore-based company, said this month that it received a new order of Rs. 71 crore from a government enterprise for supply of a mission critical product.