Shares of MTAR Technologies Ltd. fell over 3% on Monday after rallying for three sessions. MTAR Tech's shares hit a fresh all-time high on Friday after the company secured a new order worth Rs 467.30 crore. The shares opened 1.91% at Monday morning trade but failed to capitalise on the momentum and started falling as the day progressed.
MTAR Technologies on Friday said that it has received purchase orders worth $48.68 million, translating to approximately Rs 467.30 crore at an exchange rate of Rs 96 per dollar. The company said the orders have been awarded by an international entity, though it declined to disclose the customer's identity due to confidentiality obligations. The contract is part of MTAR's ongoing business relationship with an existing client.
Execution of the order will be carried out in two phases, with 50% of the value scheduled for completion by March 20, 2027, and the remaining 50% by June 20, 2027.
Earlier this month, the company had secured blanket purchase orders worth $238.76 million, or about Rs 2,278.96 crore, from an international entity. 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.
MTAR Technologies Ltd. Share Price Today
MTAR Technologies Ltd Share Price Today
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The scrip fell as much as 3.26% with the stock trading Rs 8,050 apiece at 10:12 a.m. This compares to a 0.96% rise in the NSE Nifty 50 Index.
It has risen 383.91% in the last 12 months and 232.69% year-to-date. Total traded volume so far in the day stood at 1.58 times its 30-day average. The relative strength index was at 58.62.
Out of seven analysts tracking the company, six maintain a 'buy' rating and one maintain a "hold", according to Bloomberg data. The average 12-month consensus price target of Rs 8,594.33 implies an upside of 8.9%
ALSO READ: MTAR Tech Rallies Post Strong Order Win; MD Predicts A Stronger H2 | Watch
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