India's MTAR Technologies hits over 1-week high on Q3 profit surge

MTAR Technologies

10/02/2023 04:29

** Shares of precision engineering solutions firm MTAR
Technologies Ltd  MTAR.NS  up as much as 5.2% at 1,795 rupees,
their highest level since Feb 1
    ** MTAR stock posted its biggest intraday pct climb since
Jan 31
    ** Co on Thursday, after market hours, said its consolidated
net profit for the Dec quarter came in at 314.5 mln rupees
($3.81 million), from 133.1 mln rupees in the year-ago period
    ** Co's rise in qtrly profit was propelled by a "healthy
order book and lucrative market opportunities available in Clean
Energy", Managing Director Parvat Srinivas Reddy said in a
statement
    ** MTAR Tech's consolidated total income also doubled to
1.66 bln rupees during the qtr, from 792.4 mln rupees last year 
    ** Over 220,800 shares change hands, 1.3x the 30-day moving
avg
    ** Stock up 9.2% this year, as of last close 
    ** Stock lost 34.3% in 2022
    ($1 = 82.6350 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))