Walchandnagar Industries Wins Over Rs 77-Crore Order From ISRO, Shares Surge

Walchandnagar Industries shares surged as much as 20 per cent on Thursday, a day after the engineering company said it won an order worth Rs 77.20 crore from the Indian Space Research Organisation (ISRO). In afternoon deals, the Walchandnagar Industries stock was locked in an upper circuit at Rs 72.15 apiece on the Bombay Stock Exchange (BSE), up 19.95 per cent from its previous close of Rs 60.15. In a regulatory filing after market hours on Wednesday, Walchandnagar Industries said the deal includes manufacturing and supply of 30 head, middle and nozzle-end segments for the "GSLV M Klll" launch vehicle. (Track Walchandnagar share price here)

Mumbai-based Walchandnagar Industries said the order - from the Vikram Sarabhai Space Centre, Thiruvananthapuram - will be the company's second largest single order from the ISRO, and "the largest as far as the GSLV-M Klll launch vehicle is concerned".

Walchandnagar Industries has been a strategic partner to the Indian Space Research (ISRO) since the 1970s and has supplied critical launch vehicle hardware for all its programs including the latest Chandrayaan-2 mission, the company said.

"This milestone puts WIL in a vantage position to leverage opportunities in this business given lSRO's aggressive launch program in the coming years," said GK Pillai, managing director and CEO, Walchandnagar Industries.

On the National Stock Exchange (NSE), Walchandnagar Industries shares hit an intraday high of Rs 72.45 apiece, as against their previous close of Rs 60.40.

By 1:55 pm, 3.88 lakh Walchandnagar Industries shares had changed hands, as against an average of 24,000 in the past two weeks.