Monday, shares of MTAR Technologies closed at Rs 1896.90, up 0.19 percent from the previous close of Rs 1893.25. Since yesterday, the stock has been going up.
Following a massive purchase of 13,15,000 shares by Plutus Wealth Management, attention is being paid to MTAR Technologies Ltd. shares today. At a price of Rs 1,880.02 per share, the deal was made on Monday and was worth Rs 247.22 crore. Monday, shares of MTAR Technologies closed at Rs 1896.90, up 0.19 percent from the previous close of Rs 1893.25. Since yesterday, the stock has been going up.
On BSE, it began trading at Rs 1900, which was better than the previous close of Rs 1893.25. On BSE, the market value of MTAR Technologies went up to Rs 5834.79 crore. There was a turnover of Rs 309.93 crore, which is equal to 16.45 million shares of the company.
In terms of technicals, MTAR Technologies stock’s relative strength index (RSI) is at 56.1. This means that the stock is neither overvalued nor oversold. The stock’s beta is 0.9, which means that it won’t change much over the next year. The 5 day, 20 day, 50 day, 100 day, and 200 day moving averages are all higher than the price of MTAR Technologies stock. In a year, the stock has gone up by 28.76%, and in 2023, it will go up by 17.49%.
The company’s promoters, Usha Reddy Chigarapalli, Anitha Reddy Dwaram, and Kavitha Reddy Gangapatnam, sold 11.20 lakh shares, or 3.6% of the company, in the meantime. According to the bulk deal data on BSE, each share was sold for between Rs 1,880 and Rs 1,880.15.
In the March quarter of 2023, the company made Rs 31.07 crore, which is 57% more than the Rs 19.80 crore it made in the same quarter of the previous fiscal year. In the March quarter, sales went from Rs 98.58 crore to Rs 196.40 crore, which is a 99.23% increase. Operating profit for the quarter that finished in March 2023 was Rs 49.06 crore, up from Rs 27.70 crore for the same quarter in the previous fiscal year.
For the fiscal year that ended in March 2023, the net profit jumped by 70%, from Rs 60.87 crore to Rs 103.42 crore. For the fiscal year that ended in March 2022, the net profit was Rs 60.87 crore. In the fiscal year that finished in March 2023, sales went up 78.18%, from Rs 322.01 crore to Rs 573.35 crore. For the fiscal year that finished in March 2023, operating profit rose by 63.05%, from Rs 94.43 crore to Rs 153.97 crore.
Societe Generale, a financial services company based in France, bought 1.35 percent of MTAR Technologies, or 4.16 lakh shares, on the open market on June 1. Societe Generale paid an average of Rs 1,880 per share for a 1.35 percent stake.
MTAR Technologies Limited is a precision engineering business that is based in India. Through its precision machining, assembly, testing, quality control, and specialised fabrication skills, the company makes mission-critical precision components with close tolerances (5–10 microns) and critical assemblies for projects that are important to the whole country.