Lift-off for Isro-linked cos: Paras, Centum surge 14%

Mumbai: A soft landing on the moon became a launchpad for some stocks on Thursday. MTAR Technologies, Paras Defence and other companies that supply material and components to Isro saw their stocks soar a day after the Chandrayaan-3 spacecraft landed near the lunar south pole. The gains in aerospace stocks came on a day when the sensex closed lower — ending a three-day winning run.While Paras Defence’s shares surged 14% intraday, MTAR Technologies’ stock jumped over 9% in early trades before giving up some of the gains (see graphic). Centum Electronics, which delivered over 200 critical modules for Chandrayaan-3, also saw its stock jump nearly 14% intraday. Analysts said that stocks of aerospace companies rose on the hopes that the mission’s success will open global markets for Indian players. The sensex on Thursday closed 181 points or 0.3% down at 65,252.Some suppliers like HAL and L&T ended lower, after opening on a strong note, due to profit-taking.