MTAR Technologies tumbles on large volumes

Shares of MTAR Tech slumped 8.76% to Rs 1741.70 amid heavy volumes.

On the BSE, the counter clocked volume of 33.58 lakh shares as compared to an average volume of 8937 in the past one month.

On the NSE, the counter clocked volume of 28.85 lakh shares as compared to an average volume of 112,820 in the past one month.

The scrip tumbled for the fifth day in a row. The stock has slipped 13% in five sessions, from its recent closing high of Rs 2,002.25 recorded on 17 March 2022.

In last one month, the stock has moved nearly 5.22% lower underperforming the Nifty 50 index which rose 2.85% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 32.021. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading below its 50 and 100 days simple moving average placed at 2034.68 and 2089.85 respectively. These levels will act as crucial resistance zones in near term.

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's net profit jumped 50.4% to Rs 13.31 crore on a 41.4% increase in net sales to Rs 78.1 crore in Q3 FY22 over Q3 FY21.

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