MTAR Technologies Ltd's share price continued their rally during Friday's trade. The share price rose as much as 6.32% to trade at a high of Rs 8,449.50 apiece. The stock has rallied nearly 9% this week.
This rally comes after the company secured blanket purchase orders worth $238.76 million, or about Rs 2,278.96 crore, from an international entity, as per an exchange filing.
The stock has six buy calls, and one hold rating from analysts, as per Bloomberg data.
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The company said the orders have been awarded as part of its regular business relationship with the customer. However, MTAR Technologies did not disclose the customer's identity, citing confidentiality obligations. The latest purchase orders are international in nature and form part of the company's ongoing business operations. MTAR Technologies said the order value represents the broad consideration for the contracts awarded.
Speaking to NDTV Profit, Parvat Srinivas Reddy, MD MTAR Technologies said, "The order is part of our normal course of business and whatever we are trying to do is the efforts of over last few years. There has been a remarkable increase in certain areas or revenues. Also, it is every vertical. We are working on whether it is aerospace and defence, nuclear energy, oil and gas moving forward, the absolute numbers are going phenomenally well and we are focusing on every vertical as equally as possible."
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