On the technical charts, MTAR shares are placed above their 5-, 10-, 20- and 30-day simple moving averages (SMAs). However, the stock is still trading below the 50-, 100-, 150- and 200-day SMA.
MTAR Technologies won Rs 191 crore worth orders from Bloom Energy in Clean Energy sector and Rs 35 crore worth orders from customers in aerospace including Rafael, IMI Systems, and IAI.
MTAR Tech share price today: MOFSL retained its 'Buy' rating on the stock with a target price of Rs 2,100. On Thursday, the stock was trading 3.31 per cent higher at Rs 1,609.15.
MTAR Technologies share price today. The stock fell 15.98 per cent to hit a low of Rs 1,732 on BSE. Motilal Oswal said the company's March quarter results were weak in terms of operating performance.
MTAR Technologies had raised a total of Rs 596.41 crore via its initial public offering in March 2021. The company issued its shares at Rs 575 apiece.
MTAR said profit after tax came at Rs 10.4 crore in Q3 FY24 as against Rs 31.4 crore in Q3 FY23, 66.8 per cent decrease on a year-on-year (YoY) basis.
Shares of MTAR Technologies opened higher at Rs 2205 against the previous close of Rs 2203.05 on BSE. The market capitalisation of MTAR Technologies rose to Rs 6810.02 crore.
RIL, HDFC Bank, ICICI Bank, Infosys and M&M were most active on NSE, in terms of value. Tata Steel, CIL, NTPC, PowerGrid and SBI were the other buzzing stock on the platform, in terms of volume.
MTAR Tech broke above the horizontal resistance at Rs 2,500, forming a base around this level. The previous resistance at Rs 2,500 is expected to act as a support says principles of polarity.
Defense stocks have climbed up an average of 80 per cent in the past six months. The prevailing market capitalisation of nine defense stocks implies Rs 1.3 lakh crore of annual revenues, , up from Rs 62,500 crore in FY23.
Stocks to watch today: Indian market is likely to trade in a range with sector- and stock-specific actions as the broader market momentum remains positive. Reliance Industries (RIL), NTPC, HCL Technologies, PVR INOX among stocks to watch on Monday (September 4).
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