Walchandnagar Industries hits upper circuit on ISRO order

Shares of Walchandnagar Industries Ltd (WIL) jumped nearly 20 per cent to hit intraday high of Rs. 72.15 and got locked in the upper circuit on Thursday. The sharp rally in the stock is post the development that the company has secured an order worth Rs. 77.20 crore plus escalation from the Vikram Sarabhai Space Centre of ISRO located at Thiruvananthapuram.

The company, in the regulatory filing, said that the order is towards manufacturing and supply of Head, Middle and Nozzle End segments (total 30 nos) for the GSLV M KIII launch vehicle. It must be noted that this is the company’s second largest single order from ISRO and the largest as far as the GSLV-M KIII launch vehicle is concerned.

This order is a big achievement for the Aerospace business of WIL as it contributes to a strong order book in this strategic segment. It is an acknowledgment to WIL's technical expertise and niche manufacturing capability.

Since 1970s, WIL has been a strategic partner to ISRO and has supplied critical launch vehicle hardware for all its programs (SLV, ASLV, PSLV, GSLV, and GSLV-M KIII) including the latest Chandrayaan-2 mission. This order puts WIL in a vantage position to leverage opportunities in this business given ISRO's aggressive launch program in the coming years.

Shares of Walchandnagar Industries opened at Rs. 63.75 as compared to the previous close of Rs. 60.15 on BSE. The stock hit an intraday low of 63.45.