The Indian space sector companies gathered on Wednesday ahead of the lunar landing by its Chandrayaan 3 spacecraft, which could possibly be an additional boost to India’s space program.
According to Bloomberg data, the stock of 13 companies that supply equipment ranging from electronics components to metal gears used in a rocket’s communications and navigation system have added in the market value by more than $2.5 billion this week.
The Indian Space Research Organisation’s Chandrayaan 3 spacecraft will attempt a landing near the south pole of the Moon on Wednesday evening, making the country first to reach the unchartered lunar territory after a failure of a similar attempt by Russia this month.
Industrial gas firm Linde India, which has increased by more than 23% in the past week, is leading the gains among suppliers of spacecraft. Centum Electronics, which supplies critical subsystems and systems for the mission, increased nearly 11% while Avantel, a satellite communications provider whose customer is ISRO, rose over by 12%.
Kranthi Bathini, a strategist with Mumbai based WealthMills Securities Pvt. said that participating in critical projects like the moon mission could open up business opportunities for companies in this segment. He added that they could become part of the global projects and export their products and services.