India's MTAR Technologies up as Motilal Oswal initiates with 'buy'

MTAR Technologies

21/05/2024 06:51

** Shares of MTAR Technologies  MTAR.NS , which counts
Indian Space Research Organisation as a customer, up 2.3% at
2,088.20 rupees
    ** Motilal Oswal initiates coverage on its stock with "buy"
rating, Street-high PT of 2,800 rupees
    ** Says co's business segments are poised to report strong
order inflows aided by global demand of fuel cells and
government initiatives in nuclear, space, and defence
    ** We expect fuel cells segment to post a 35% CAGR over
FY24-26 and maintain its dominant share in MTAR's order book -
Motilal Oswal
    ** Two other analysts rate the stock "strong buy" and "hold"
each - LSEG data
    ** YTD, MTAR down 5.6%; other space-linked stocks Mishra
Dhatu Nigam  MISR.NS  and Paras Defence and Space Technologies
 PRAF.NS  up 16.8% and 8.9%, respectively

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