MTAR Tech bags export order worth Rs 93 cr

MTAR Technologies has secured an export order worth $12.77 million (approximately Rs 93 crore) for export of manufactured goods.

The orders is to be executed over next fiscal year, strengthening its order book and revenue visibility. The announcement was made during market hours today, 16 March 2021.

Commenting on the order win, Srinivas Reddy, the managing director (MD) of MTAR Technologies, has said that: "We are delighted to have received the export order that demonstrate the confidence of our customers in MTAR Technologies Limited. We remain confident of servicing these orders within the stipulated timelines and to client satisfaction. At MTAR, it is our continuous endeavour to add quality orders from existing and new clients and we are confident on the growing execution capabilities of the company on a continuous basis."

Shares of MTAR Technologies slumped 6.88% to Rs 1,007.80 on BSE. MTAR Technologies (MTAR) is a leading precision engineering solutions company engaged in the manufacture of mission critical precision components with close tolerances (5-10 microns), and in critical assemblies, to serve projects of high national importance, through their precision machining, assembly, testing, quality control, and specialized fabrication competencies, some of which have been indigenously developed and manufactured. The company primarily serve customers in the nuclear, space & defence, and clean energy sectors.

Shares of MTAR Technologies were listed on the bourses on 15 March 2021. The stock was listed at Rs 1063.90, a premium of 85.03% to the initial public offer (IPO) price of Rs 575 apiece. On that day it settled at Rs 1082.25 on the BSE, a premium of 88.22% as compared to the IPO price.

The IPO of MTAR Technologies was subscribed 200.79 times. The issue opened for bidding on 3 March 2021, and closed on 5 March 2021. The price band for the IPO was set at Rs 574-575 per share.

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