Chandrayaan 3 Moon Landing: Paras Defence share price jumps over 17% to hit a fresh 52-week high
- Paras Defence share price has surged more than 61% in the last three months and nearly 34% YTD. The stock is up over 28% in the last one year.
Paras Defence share price rallied more than 17% to hit a fresh 52-week high on Thursday, extending the rally for the fourth consecutive session, led by Chandrayaan 3 moon landing. Paras Defence shares jumped as much as 17.3% to a 52-week high of ₹841.80 apiece on the BSE amid euphoria over aerospace and defense stocks after the success of India’s moon mission Chandrayaan 3.
Paras Defence share price has surged more than 61% in the last three months and nearly 34% YTD. The stock is up over 28% in the last one year.
Paras Defence and Space Technologies Ltd. is reportedly among the many companies in the aerospace and defense sector that have supplied equipment and materials to the Indian Space Research Organisation (ISRO) for the lunar mission.
Read here: Chandrayaan-3 Moon Landing Successful | LIVE Updates: Pragyan rover takes a ‘walk on the moon’
On Wednesday, ISRO announced Chandrayaan 3’s successful soft landing on the moon, making India the first country in the world to land on the South Pole of the lunar surface.
The success of Chandrayaan 3 boosted market sentiment, fuelling a rally in aerospace and defence stocks in India.
“Sectors such as telecommunications, remote sensing, and satellite navigation stand to benefit, potentially catalyzing job generation and spurring economic growth. The national pride and euphoria accompanying a successful landing could positively influence market sentiment, potentially giving a boost to stock prices. However, it's crucial for investors and market watchers to be pragmatic,” said Sonam Srivastava, smallcase manager & Founder of Wright Research.
Also Read: Chandrayaan-3 news: Stocks of 13 Indian companies rally ahead of landing, add $2.5 billion
Paras Defence shares rallied 5.4% on Wednesday and has gained 28% in four sessions.
At 10:00 am, Paras Defence share price was trading 10.93% higher at ₹796.05 apiece on the BSE.
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