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Space stocks soar as India allows 100% foreign investment

19 Mar 2024 , 10:35 AM

On February 22, space-related stocks surged following the Union Cabinet's approval of modifications to the Foreign Direct Investment Policy (FDI) in the space industry. The government has approved 100% investment under the automated route for projects involving the production of satellite systems, subsystems, and components.

While stocks of Apollo Micro Systems, Azad Engineering, Paras Defence, Hindustan Aeronautics, and L&T increased by one to 2%, shares of MTAR Technologies and Data Patterns (India) surged by about 6%.

Data Patterns (India) was up 8.96% to ₹2,245.15, while MTAR Technologies was up 6.3% at ₹2,024.90 at 2:43 pm.

Due to their association with the successful moon landing of Chandrayaan 3, the majority of these companies have seen an increase in share price in the recent half year. 

Through bulk purchases in February, the Singaporean government purchased a ₹578 Crore stake in Data Patterns (India). Over the past month, Data Patterns (India)'s shares have increased by more than 16%.

Furthermore, the establishment of spaceports for the purpose of launching and receiving spacecraft, as well as launch vehicles and related systems or subsystems, are eligible for up to 49% foreign direct investment (FDI) from the government. For the ground segment, user segment, satellite data products, production and operation of satellites, and automation routes, up to 74% of foreign direct investment is permitted.

'Non-governmental entities, or NGEs, have acquired skills and knowledge in the fields of satellites and launch vehicles. The government said in a statement that they will be able to attain more product complexity, a worldwide scope of operations, and a larger proportion of the global space economy with more funding.

For feedback and suggestions, write to us at editorial@iifl.com

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