Lower earnings and orders in hand to keep the stock under pressure
MTAR Tech reported 53.4 percent decline in consolidated net profit for the quarter ended March 2024.
Motilal Oswal Securities has initiated coverage on MTAR Technologies Ltd with a buy rating and kept a target price of Rs 2800 a share from its previous close.
In the new rule, Indian government has allowed 100 percent investment under the automatic route for activities that includes manufacturing of components, systems and sub-systems for satellites.
These projects will provide MTAR the platform to expand its business operations in tandem with the space agency's ambitious projects.