India's MTAR Tech rises as Nuvama sees growth from energy transition

MTAR Technologies

12/04/2023 09:51

** Shares of MTAR Technologies  MTAR.NS  rise as much as
1.76% to 1,719.90 rupees, highest in a month
    ** Stock on course to extend gains for eighth session a row,
adding nearly 15% over the period
    ** Clean energy segment remains the fastest-growing vertical
with over 64% of overall order book of 12 bln rupees in FY2024,
says Nuvama Institutional Equities in a note, after a meeting
with MTAR's CEO
    ** Co working on developing systems in hydrogen
electrolysers' value chain over the next one-and-a-half years:
Nuvama
    ** Co's plans to foray into energy storage systems to lead
to additional revenue of 1.5 bln rupees to 2 bln rupees over the
next two years, brokerage adds
    ** Trading volume is ~92,500 shares as of 2:08 p.m. IST,
above the 30-day avg of 88,800 shares - Refinitiv

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))