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.

Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

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

Posted In: MoversTrading IdeasChandrayaan 3MTAR Tech