MTAR Technologies shares in focus today post Rs 247-crore bulk deal; check details

Shares of MTAR Technologies Ltd are in focus today after Plutus Wealth Management bought 13,15,000 shares of the precision engineering company in a bulk deal. The deal was done at a price of Rs 1,880.02 per share on Monday amounting to a value of Rs 247.22 crore. Shares of MTAR Technologies ended 0.19 per cent to Rs 1896.90 on Monday against the previous close of Rs 1893.25 on BSE. The stock has been gaining for last two days.

It opened higher at Rs 1900 against the previous close of Rs 1893.25 on BSE. The market capitalisation of MTAR Technologies rose to Rs 5834.79 crore on BSE. A total of 16.45 lakh shares of the firm changed hands amounting to a turnover of Rs 309.93 crore.

In terms of technicals, the relative strength index (RSI) of MTAR Technologies stock stands at 56.1, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a beta of 0.9, indicating low volatility in a year. MTAR Technologies stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 28.76% in a year and risen 17.49% in 2023.

Meanwhile, promoters of MTAR Technologies -- Usha Reddy Chigarapalli, Anitha Reddy Dwaram and Kavitha Reddy Gangapatnam – sold 11.20 lakh shares, amounting to 3.6 per cent stake in the firm.

The shares were sold in the range of Rs 1,880-1,880.15 per piece, as per the bulk deal data on BSE.

In the March 2023 quarter, the firm reported a 57% rise in profit to Rs 31.07 crore against Rs 19.80 crore profit in the corresponding quarter of previous fiscal. Revenue climbed 99.23% to Rs 196.40 crore in the March quarter against Rs 98.58 crore in the March 2022 quarter. Operating profit zoomed 77.11% to Rs 49.06 crore for the quarter ended March 2023 against Rs 27.70 crore in the corresponding quarter of the previous fiscal.

On an annual basis, net profit zoomed 70% to Rs 103.42 crore for the fiscal ended March 2023 against Rs 60.87 crore for the fiscal ended March 2022. Revenue climbed 78.18% to Rs 573.35 crore in the March 2023 fiscal against Rs 322.01 crore for the fiscal ended March 2022.

Operating profit climbed 63.05% to Rs 153.97 crore for the fiscal ended March 2023 against Rs 94.43 crore in the previous fiscal.

On June 1, France-based financial services company Societe Generale purchased 4.16 lakh equity shares or 1.35 percent stake in MTAR Technologies via open market transaction.

The average buying price paid by Societe Generale for 1.35% stake was Rs 1,880 per share.

MTAR Technologies Limited is an India-based precision engineering company. The company is engaged in the manufacture of mission critical precision components with close tolerances (5-10 microns) and in critical assemblies, to serve projects of high national importance, through its precision machining, assembly, testing, quality control and specialized fabrication competencies.

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