India's MTAR Technologies gains as Motilal sees business growth revival

MTAR Technologies

19/12/2024 08:21

** Shares of MTAR Technologies Ltd  MTAR.NS  climb 3.7% to
1,613.20 rupees
    ** Motilal Oswal retains "buy" rating on stock, citing
strong growth in its clean energy business with a revival in
orders from its top customer and addition of new clients
    ** Clean energy business of making fuel cells, electrolysers
formed ~60% of MTRA's FY24 rev
    ** Brokerage says MTAR can also benefit hugely from top
customer Bloom Energy's (BE) scale-up and sees a potential
revenue inflow of 10 bln rupees for MTAR from one of BE's supply
agreements
    ** Adds, MTAR's revenue seen rising 28% CAGR from FY24-27 as
fuel cell demand begins to rise
    ** Motilal has a 2,100 rupees PT for MTAR and is the lone
brokerage tracking stock
    ** Stock trims YTD losses to ~30%


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))