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MTAR Tech bags export order worth Rs 220 cr from US-based Bloom Energy

MTAR Tech bags export order worth Rs 220 cr from US-based Bloom Energy

The Hyderabad-based company noted that the order is for the export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022

In an official statement, the firm explained that this is the largest single order MTAR has ever received In an official statement, the firm explained that this is the largest single order MTAR has ever received

MTAR Technologies Limited announced on Friday that the firm has received an export order worth $29.82 million (approximately Rs 220 Crores) from Bloom Energy, USA.

The Hyderabad-based company noted that the order is for the export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022.

In an official statement, the firm explained that this is the largest single order MTAR has ever received and this demonstrates the customer confidence the company has built over time. "This order will clearly support the growth targets that MTAR has set for itself," read the official statement.

MTAR 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. The firm generates revenue from both domestic customers as well as from exports.

MTAR had made its market debut on March 15. The firm's stock was listed at a premium of 85.03 per cent to its IPO issue price. The share made its debut at Rs 1,063.90 on BSE against an IPO issue price of Rs 575.

The Rs 597-crore initial public offering (IPO) of MTAR Technologies had received an overwhelming response from investors. The three-day issue, which had closed on March 5, was subscribed over 200 times as it received bids for 145.79 crore equity shares against an offer size of 72.6 lakh stocks.

Ahead of IPO, the Hyderabad-based company has raised Rs 179 crore from anchor investors.

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