Why This HDFC Fund Backed Small Cap Stock Is Surging 10% Today

Shares of MTAR Tech surged up around 10% on Thursday to hit a new 52-week high of ₹2,440.

What Happened: Shares of the company are upbeat gaining strength from the positive sentiment around space/tech stocks with the Chandrayaan landing.

See Also: What’s Going On With Reliance Shares Today?

The Hyderabad-based company successfully provided the Vikas engines and cryogenic engine subsystems such as turbopumps, booster pumps, gas generators, injector heads, and electro-pneumatic modules for the launch vehicle Mark-III (LVM 3) for the Chandryaan 3 mission.

The successful landing of the Chandrayaan on the moon has supercharged the HDFC Mutual Fund-backed stock today. HDFC Multi Cap Fund owns a 2.34% stake in the company.

Price Action: MTAR Tech’s share price was up 7.62% to trade at ₹2,389.75 in early trade on Thursday.

Read Next: Elon Musk Applauds India’s Budget-Friendly Chandrayaan 3 Ahead Of Moon Landing

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