India's MTAR Technologies' Q2 profit falls, cuts forecast; shares slip

MTAR Technologies

09/11/2023 04:22

** Shares of industrial equipment maker MTAR Technologies
 MTAR.NS  fall as much as 12.5% to 2,235.05 rupees
    ** Co's Q2 consol profit fell 17.1% YoY on a 44.1% climb in
total expenses
    ** Cuts FY24 rev forecast to 6.70 bln rupees to 7 bln rupees
($80.48 mln-$84.09 mln) from 8.30 bln rupees to 8.60 bln rupees
earlier
    ** Says it has trimmed forecast due to deferment of shipment
plans to next fiscal year
    ** Stock on track to snap three-day rally of gains, if trend
holds
    ** Over 925,000 shares change hands as of 9:39 a.m. IST, 3x
the 30-day moving average
    ** Stock last down 8.4%, trimming YTD gains to 44.7%


($1 = 83.2480 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))