Walchandnagar Industries climbs 20% on ISRO order

Shares of Walchandnagar Industries rallied 20 percent intraday on September 12 after bagging a contract from Indian Space Research Organization (ISRO).

The stock surged 22 percent in last five sessions. It was quoting at Rs 72.15, up Rs 12, or 19.95 percent on the BSE at 1044 hours IST.

Walchandnagar Industries (WIL) in its BSE filing said it secured an order worth Rs 77.20 crore plus escalation from the Vikram Sarabhai Space Centre of ISRO located at Thiruvananthapuram.

The order is towards manufacturing and supply of head, middle and nozzle end segments (total 30 numbers) for the GSLV M KIII launch vehicle, it added.

GK Pillai, Managing Director & CEO said it is company’s second largest single order from ISRO and the largest as far as the GSLV-M KIII launch vehicle is concerned.

“WIL has been a strategic partner to ISRO since the 1973 and has supplied critical launch vehicle hardware for all its programs (SLV, ASLV, PSLV, GSLV, and GSLV-M Klll) including the latest Chandrayaan-2 mission, he added.

Source : http://tiny.cc/rhdmcz

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