L&T, Mtar Technologies, Mishra Dhatu Nigam stock rally after successful launch of Aditya L1

Shares of companies that contributed to the launch of Aditya L1, India's mission to study Sun, were a mixed bag on Monday. While Larsen and Toubro, Mtar Technologies, Paras Defence, Walchandnagar Industries, Hindustan Aeronautics (HAL), Bharat Heavy Electricals, and Mishra Dhatu Nigam shares traded between 1 per cent to nearly 5 per cent higher, the stock of Centum Electronics traded lower by 0.14 per cent.

India launched its first-ever solar observatory mission on Saturday, September 2. The Polar Satellite Launch Vehicle (PSLV), on its 59th flight with Aditya-L1 onboard, took off from the Satish Dhawan Space Centre in Sriharikota.

Indian Space Research Organisation (ISRO) carried seven different payloads to have a detailed study of Sun, four of which will observe the light emitting from Sun and the other three will measure in-situ parameters of its plasma and magnetic fields.

ISRO, in its latest update, said that the satellite is "healthy and operating nominally," and the next manoeuvre is scheduled for Tuesday (September 5). Many companies contributed to the successful launch of the Sun mission; let's have a look at them: 

Larsen and Toubro (L&T) 

L&T manufactured critical space-grade hardware for the Aditya L1 mission.

On Monday, shares of L&T climbed 1.5 per cent in the early trade to touch the day's high of Rs 2,742 apiece on NSE. 

Mtar Technologies 

The company supplied Vikas engines and electro-pneumatic models.

The stock rose 5.6 per cent and hit the 52-week high at Rs 2,877 apiece after the successful launch of Aditya L1.

Mishra Dhatu Nigam Ltd 

Mishra Dhatu supplied specialised metals and alloys for Aditya L-1. 

The stock hit a 52-week high in Monday's trading session at Rs 435.85 apiece.

BHEL, HAL, Paras Defense, Centum Electronics, and Walchandnagar Industries were also some of the companies that participated in the success of the Aditya L1 launch.

India's position has strengthened in the global rocket market after the launches of Chandrayaan-3 and Aditya L-1. The global rocket and satellite market in the US is now valued at $29 billion.

Brokerage firm CLSA, in a report, said that strengthening the 'Make in India' initiative and India's entry into the global rocket market is in favour of L&T and HAL. 

The brokerage has given a buy rating on the L&T share and has given a target of Rs 3,080. CLSA has given an 'Outperform' rating on HAL for a target price of Rs 4,110 apiece.

With Zee Business research inputs

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.