MTAR Tech spurts after order win

MTAR Technologies rose 2.78% to Rs 1,409.05 after the company said it has received orders worth about Rs 220 crore from Bloom Energy, USA for providing manufactured and assembled products.

The order is for export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022. The company said it is the largest single order ever received and demonstrates the customer confidence. The order also supports the growth targets that MTAR has set for itself.

MTAR Technologies is a niche manufacturing service provider in precision engineering and critical assembly of key components and products for various customer segments such as Civil Nuclear Energy, Space, Defence and Aerospace, Clean Energy and others.

On a consolidated basis, the company reported a 63.7% increase in net profit to Rs 8.71 crore on a 10.9% rise in net sales to Rs 54 crore in Q1 FY22 over Q1 FY21.

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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