MTAR Technologies shares surge as domestic investor picks stake in firm; stock up 91% in 2 years
Street has supposedly liked the stake buy of domestic investor as MTAR Technologies shares jumped more than three per cent to touch the day’s high level of Rs 1958.35 per share on the BSE.
Shares of MTAR Technologies, an aerospace and defence company, were in demand during Tuesday’s session on the exchanges after the proprietary investment firm picked up a stake in the company through an open market transaction on Monday, June 5, 2023.
The street has supposedly liked the stake buy of domestic investors as MTAR Technologies jumped more than three per cent to touch the day’s high level of Rs 1958.35 per share; this is a mere Rs 60, or 3 per cent away from its 52-week high of Rs 2015 apiece, touched earlier last month on May 18, 2023.
Plutus Wealth Management LLP, an Ahmedabad-based investment firm, picked more than a 4 per cent stake in MTAR Technologies on June 5, whereas the promoters Usha Reddy Chigarapalli, Anitha Reddy Dwaram, and Kavitha Reddy Gangapatnam were the sellers for most of those shares.
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According to the data available on the BSE, Plutus Wealth Management LLP has bought 13.15 lakh shares, or 4.27 per of the defence company at an average price of Rs 1,880.02 per share.
MTAR Tech share price history
The two-year-old listed company has almost doubled investors' money as it has gained more than 91 per cent since its listing in March 2021. In the last year, the stock has gained by 35 per cent as compared to over a 12 per cent rise in the Nifty index.
So far this year, MTAR Tech shares have jumped almost 20 per cent against more than a 2 per cent surge in the Nifty50 during the same period.
Brokerage's View on MTAR Tech
Nuvama Institutional Equities believes strong order book, robust growth outlook of Bloom Energy and increased product portfolio to drive growth momentum going forward.
MTAR Tech continues to focus on product portfolio expansion with products such as valves, semicryo Engine in the defence and space segments respectively, are under development, the brokerage said.
About MTAR Tech
MTAR provides all the manufacturing solutions such as advanced machining, specialized fabrication, assembly & testing, heat treatment, special processes such as painting and surface treatment under one roof.
10:36 AM IST