Tuesday, September 17, 2019
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Walchandnagar Industries bags Rs 77 crore order from ISRO, stock gains by 20 pc

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Mumbai (Maharashtra) | September 12, 2019 11:11:30 AM IST
Walchandnagar Industries Ltd (WIL) has secured an order worth Rs 77.2 crore plus escalation from the Vikram Sarabhai Space Centre of ISRO located at Thiruvananthapuram in Kerala.

The order is for manufacturing and supplying 30 head, middle and nozzle end segments for the GSLV-M KIII launch vehicle. It is WIL's second largest single order from ISRO and the largest as far as the GSLV-M KIII launch vehicle is concerned.

"The receipt of this order is a significant milestone for the aerospace business of WIL as it contributes to a strong order book in this strategic segment," said Managing Director and CEO G K Pillai.

At 10:30 am on Thursday, WIL stock jumped by 19.95 per cent to Rs 72.15 apiece.

WIL has been a strategic partner to ISRO since the 1970s and has supplied critical launch vehicle hardware for all its programmes (SLV, ASLV, PSLV, GSLV, and GSLV-M KIII) including the latest Chandrayaan-2 mission.

"The receipt of this order is a testimony to WIL's technical expertise and niche manufacturing capability," the company said in a statement. "This milestone puts WIL in a vantage position to leverage opportunities in this business given lSRO's aggressive launch programme in the coming years."

(ANI)

 
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