MTAR Technologies Shares Jump 4.2% As Company Receives Defence Industrial License

The shares of MTAR Technologies Ltd. gained 4.2% on Wednesday after the company received the 'Defence Industrial License' for production of various mechanical and electronic subsystems in defence sector.

This will facilitate the ease of doing business with foreign MNCs on various defence projects, MTAR Technologies said in a statement. The licence will enable the company to partner with foreign MNCs and cater to both domestic and export markets by taking up projects under Buy (Indian)', 'Buy & Make (Indian)' & 'Make' categories of acquisition, thereby increasing the share of defence in its revenues, the company said in a statement.

Following the development, the stock closed 3.99% higher at Rs 2294.60 per share after hitting an intraday high of Rs 2,321.65 on BSE. It hit an intraday low of Rs 2225. The stock surged 3.33% in 1 week. In 1 year, it jumped 39.50%, and 78.60% in 2 years.

MTAR has seven strategically based manufacturing units including an export-oriented unit each based in Hyderabad, Telangana. MTAR caters to Clean Energy - Civil Nuclear Power, Fuel Cells, Hydel & Others, Space, and Defence sectors. The company has a long-standing relationship of over four decades with leading Indian organisations and global OEMs.