Mapping moon madness: Rs 615 crore Chandrayaan-3 creates Rs 31,000 crore stock rally
While the rest of the world is left stumped by the power of India’s frugal approach to land on the moon by spending just Rs 615 crore, Dalal Street investors are generously pouring thousands of crores of rupees in almost all stocks that have something to do with aerospace.
In the first four trading days of the week, the combined market capitalisation of a group of 13 space-related stocks has skyrocketed by over Rs 30,700 crore.
Shares of the little-known smallcap company Centum Electronics, which supplied critical modules and systems to ISRO for Chandrayaan-3, have zoomed 26% in the week. Avantel, Linde India, Paras Defence and Bharat Heavy Electricals stocks also saw impressive double-digit upsides this week.
The ‘moon madness’ is so deep that shares of conglomerate Godrej Industries rallied over 8% as investors presumed that Godrej Aerospace, which supplied critical components to ISRO, is its subsidiary. The company later clarified that Godrej Aerospace is not an arm of Godrej Industries.
