MTARTECH

Feb 6 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• MTAR TECHNOLOGIES - GOT ORDERS WORTH 2 BILLION RUPEES

Source text: ID:nnAZN3AT2RV

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** Shares of nuclear energy-related firms jump

** BHEL BHEL.NS, Kilburn Engineering KLBE.BO, MTAR Technologies MTAR.NS, Walchandnagar Industries WALC.NS and Power Mech Projects POMP.NS up between 4.3% and 13.4%

** India will develop at least 100 GW of nuclear energy by 2047, Finance Minister Nirmala Sitharaman says in union budget

(Reporting by Manvi Pant in Bengaluru)

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Dec 20 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• RECEIVES 2.26 BILLION RUPEES ORDERS IN CLEAN ENERGY AND AEROSPACE

Source text: ID:nBSEbXHfJy

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** 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)

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** Shares of MTAR Technologies MTAR.NS ended 2.8% higher to 1,628 rupees

** Precision engineering co's Q2 consol total rev from ops jumped 13.8% y/y to 1.87 bln rupees, sequentially it rose 48%

** Co's net profit dropped 8.3% y/y as expenses rose 16.9%

** Stock eyes busiest trading day in six sessions, about 240,000 shares traded

** MTAR down 3.4% YTD

(Reporting by Manvi Pant in Bengaluru)

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Oct 29 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• SEPT-QUARTER CONSOL NET PROFIT 187.7 MILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 1.9 BILLION RUPEES

Source text: ID:nBSE9mYPHh

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Sept 23 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• GETS ORDER WORTH 154 MILLION RUPEES

Source text for Eikon: ID:nBSE243sKp

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** Shares of MTAR Technologies MTAR.NS down 5.5% to 1,685 rupees, their lowest level since June 6

** Precision engineering co' Q1 consol net profit fell 78%; rev down 16%

** MTAR sees sharpest fall since Aug 5, on track for fourth straight day of loss

** Shares see busiest day in about 5 weeks, with more than 360,000 shares traded

** Stock down 23% YTD, after a 23% rise in 2023

(Reporting by Aleef Jahan in Bengaluru)

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Aug 7 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• GETS EXPORT ORDERS WORTH $16.73 MILLION

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** Shares of MTAR Technologies MTAR.NS fall as much as 16% to 1,730 rupees, hitting their lowest level since early April

** Precision engineering co reports a near 85% year-on-year drop in consol Q4 profit, rev down 27%

** Stock last down 8.5%, set for its worst day since Feb. 14 when it tumbled on Q3 profit drop

** More than one mln shares traded by 10:00 a.m. IST, nearly 4x their 30-day avg

** Stock down about 15% YTD

(Reporting by Nishit Navin)

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May 28 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• ENTERED INTO A LONG-TERM AGREEMENT SPANNING OVER 15 YEARS WITH ISRAELI AEROSPACE INDUSTRIES

• BROAD CONSIDERATION OF ABOUT $90 MILLION- $120 MILLION IN 15 YEAR

• AGREEMENT TO SUPPLY MISSION CRITICAL ASSEMBLIES IN AVIATION SECTOR

Source text for Eikon: ID:nNSEbyVhG4

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** 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)

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Recasts with policy details; changes dateline to Feb. 22 to reflect ongoing story

BENGALURU, Feb 22 (Reuters) - India will allow 100% foreign direct investment in the manufacture of satellite systems without official approval and eased the rules for launch vehicles, a government statement said, aiming for a greater share of the global space market.

India's space ambitions got a boost when it became the first country to land a spacecraft near the unexplored south pole of the moon in August - and the fourth to achieve a soft landing - just days after a similar Russian mission failed.

The government said in a statement late on Wednesday that foreign companies could invest in the manufacture of components and systems or sub-systems for satellites up to 100% without approval.

Foreign firms planning to build satellites in India would not require government approval up to 74% of the investment; for investment in launch vehicles, investment could go up to 49% without such approval, the statement said.

India has privatised space launches and is aiming for a five-fold increase in its share of the global launch market, which some expect to be worth $47.3 billion by 2032. India currently accounts for about 2% of the space economy.

The country hopes that liberalised rules for the space sector, long controlled by the government, will draw interest from Elon Musk’s SpaceX and Jeff Bezos' Blue Origin, among others.

The foreign direct investment policy reform is expected to boost employment and will allow companies to set up manufacturing facilities in India, the government said in the statement.

"This will give India access to the latest tech advances and much-needed funds, not only from the country but from international investors too," said A.K. Bhatt, director general of the Indian Space Association.

Space-related India stocks such as Paras Defence and Space Technologies PRAF.NS, MTAR Technologies MTAR.NS, Taneja Aerospace and Aviation TANE.BO and Apollo Micro Systems APLL.NS climbed 2% to 5% on Thursday.

(Reporting by Nivedita Bhattacharjee, Angela Christy, Mrinmay Dey, Kanjyik Ghosh; Editing by Emelia Sithole-Matarise and Gerry Doyle)

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** Shares of MTAR Technologies MTAR.NS down 11%, steepest drop in five-session losing run

** Stock set for 2nd worst day since March 2021 debut

** Precision engineering co reports near 67% fall in Q3 net profit to 104.5 mln rupees ($1.3 mln), rev down 26%

** Over 1.2 mln shares traded, 7.1x the 30-day avg

** MTAR down ~23% YTD after a 36.5% gain in 2023

($1 = 83.0840 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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** Shares of Paras Defence and Space Technologies PRAF.NS rise as much as 5.6% to 759 rupees

** Co incorporates new subsidiary Quantico Technologies Pvt

** New unit to focus on quantum communication, a technology theoretically impossible to hack, according to researchers

** More than 870,000 shares change hands by 2:56 p.m. IST, 2.5x of 30-day avg

** More than 800,000 shares were traded in single sessions only twice in the last quarter

** Stock rose 19.5% in 2023, while rival defence-linked companies Premier Explosives PRMR.NS, Bharat Electronics BAJE.NS, MTAR Technologies MTAR.NS and Solar Industries SLIN.NS rose 278.7%, 84.4%, 36.5% and 53.4%, respectively

(Reporting by Ashish Chandra in Bengaluru)

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** Shares of industrial equipment maker MTAR Technologies MTAR.NS fall as much as 12.5% to 2,235.05 rupees

** Co's Q2 consol profit fell 17.1% YoY on a 44.1% climb in total expenses

** Cuts FY24 rev forecast to 6.70 bln rupees to 7 bln rupees ($80.48 mln-$84.09 mln) from 8.30 bln rupees to 8.60 bln rupees earlier

** Says it has trimmed forecast due to deferment of shipment plans to next fiscal year

** Stock on track to snap three-day rally of gains, if trend holds

** Over 925,000 shares change hands as of 9:39 a.m. IST, 3x the 30-day moving average

** Stock last down 8.4%, trimming YTD gains to 44.7%

($1 = 83.2480 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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Nov 8 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• INDIA'S MTAR TECHNOLOGIES LTD SEPT-QUARTER CONSOL NET PROFIT 204.6 MILLION RUPEES VERSUS 246.9 MILLION RUPEES

• MTAR TECHNOLOGIES LTD SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 1.67 BILLION RUPEES VERSUS 1.26 BILLION RUPEES

Source text for Eikon: ID:nBSEJYwjh

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** Shares of MTAR Technologies MTAR.NS rise as much as 3.4% to 2,305.35 rupees

** The precision engineering co says Government of India has granted it Defence Industrial License for production of various mechanical and electronic subsystems

** Grant will help co to partner with foreign MNCs and cater to both domestic and export markets

** More than 480,800 shares change hands by 1:19 p.m. IST, 1.3x the 30-day avg of 379,740 shares

** All of the five analysts covering the stock have a "buy" or higher rating; median PT is 2,410 rupees - Refinitiv data

** Stock up 37.8% so far this year, up to last close

(Reporting by Dimpal Gulwani in Bengaluru)

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** Shares of defence-linked companies rise after India's defence acquisition council approves proposals worth 78 bln rupees

** Paras Defence and Space Technologies PRAF.NS, Premier Explosives PRMR.NS, Bharat Electronics BAJE.NS, MTAR Technologies MTAR.NS and Solar Industries SLIN.NS jump between 1.7% and 4.5% each

** Proposals pertain to enhancing efficiency of Indian Air Force, procuring guns, tanks and systems for mechanised infantry and unmanned surveillance

** BAJE, which will provide the electronic warfare (EW) suite to Indian Air Force, gained as much as 2.64% to a record high

** PRMR, SLIN also scaled fresh all-time highs on Friday

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of cos linked to the Indian space agency's moon mission surge between 4%-18%, after the country landed its spacecraft on the lunar south pole

** Larsen & Toubro LART.NS and Centum Electronics CENT.NS, which supplied equipment, hit record highs

** Precision engineering firm MTAR Technologies MTAR.NS, which counts ISRO among its clients, jumped as much as 10% to its highest since Jan 5, 2022

** Paras Defence and Space Technologies PRAF.NS advanced 17.3%, while Indo National INNL.NS, which supplied four electronics components for the launch vehicle, jumped 5%

** India on Wednesday made history as its Chandrayaan-3 lander successfully touched down on the moon's south pole, thought to be a potential source of water and oxygen

(Reporting by Rama Venkat in Bengaluru)

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BENGALURU, Aug 23 (Reuters) - Larsen & Toubro (L&T) LART.NS and other companies that supplied equipment and materials for India's mission to the moon jumped on Wednesday, hours before the country attempts to land a spacecraft on the lunar south pole.

The Indian Space Research Organisation's (ISRO) Chandrayaan-3 spacecraft will attempt to land on the lunar south pole at 6:04 p.m. IST (1234 GMT) on Wednesday, in a mission seen as crucial to lunar exploration and the country's standing as a space power.

The mission has received heightened attention after Russia's Luna-25 mission failed less than a week earlier.

Industrial conglomerate L&T, which manufactured some segments of the booster that launched the spacecraft, ended 1.5% on the day.

India's space center in Sriharikota also uses L&T's tracking radar used to monitor launch vehicles.

Alloy maker Mishra Dhatu Nigam MISR.NS, which supplied cobalt and nickel base alloys for the launch vehicle, jumped 3.4%, while Indo National INNL.NS, which supplied four electronics components for the launch vehicle, jumped 5%.

Precision engineering firm MTAR Technologies MTAR.NS, which counts ISRO among its clients, jumped nearly 5%, while Paras Defence and Space Technologies PRAF.NS added 5.4%.

Industrial gas firm Linde India LIND.NS climbed 3.2% and is up nearly 19% so far this week, while Centum Electronics CENT.NS, which supplied modules for the mission, surged 14.2%.

(Reporting by Chris Thomas in Bengaluru; Editing by Savio D'Souza)

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Aug 10 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• INDIA'S MTAR TECHNOLOGIES JUNE-QUARTER CONSOL NET PROFIT 203.4 MILLION RUPEES VERSUS PROFIT 162.2 MILLION RUPEES

• MTAR TECHNOLOGIES LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 1.53 BILLION RUPEES VERSUS 910.1 MILLION RUPEES

Source text for Eikon: ID:nBSE6F1XBw

Further company coverage: MTAR.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Updates to add chart.

By Pranav Kiran

BENGALURU, July 11 (Reuters Breakingviews) - Defence stocks in India may scale new heights. Drone maker ideaForge Technology’s IDEF.NS shares have nearly doubled from their initial public offering price since their Mumbai debut on Friday. It’s a sign that investors are betting big on New Delhi’s military spending hike.

Founded in 2007, ideaForge claimed more than 50% of India’s drone market last year. It’s a nascent market, at $43 million in sales, per consulting firm 1Lattice. But that figure is expected to increase 20-fold by 2027, thanks to New Delhi’s ambitions to modernise its military. The country is forecast to spend $130 billion on defence by 2029, according to Defence Minister Rajnath Singh. That puts ideaForge in a sweet spot: its biggest customer is the Indian government, which accounted for about 70% of its top line last year.

The country increased overall defence spending by 13% in its February budget. It has long had tense relations – and occasional border skirmishes – with neighbours China and Pakistan. All three of them possess nuclear weapons. And India is the world’s largest importer of arms, so the government is moving to reduce its reliance on overseas shipments: in 2020, it liberalised foreign direct investments in the defence sector as part of an attempt to have firms like Lockheed Martin LMT.N manufacture locally. Last February, the country banned drone imports, effectively blocking products made by China’s DJI. Such policies, plus generous government subsidies, are handing a huge windfall to homegrown manufacturers like ideaForge.

Little wonder investors have piled into the drone-maker and peers. Demand for ideaForge’s IPO exceeded 100 times the shares on offer, IFR reports; as of Monday, the company, backed by heavyweights including the $129 billion Qualcomm QCOM.O and local IT giant Infosys INFY.NS, boasted an equity valuation of $586 million, or an eye-watering 151 times its earnings for the last fiscal year. That’s well above compatriots like MTAR Technologies MTAR.NS and Data Patterns DATP.NS, which trade on 47 and 57 times respectively. In the first half of the year, a National Stock Exchange index tracking defence stocks has returned 24.16% to shareholders, easily beating the 6.58% from the broader Nifty 50 Index over the same period.

India’s defence companies are just starting to take off.

Follow @PranavKiranBV on Twitter

CONTEXT NEWS

Drone maker ideaForge Technology’s Mumbai shares closed down 10.2% to 1162.40 rupees on July 10 after rising 93% from their initial public offering price on their first-day trading on July 7.

The company issued 2.4 billion rupees ($29 million) worth of primary shares while existing investors sold an additional 3.3 billion rupees worth of secondary shares.

In the fiscal year to March 2023, ideaForge’s earnings were 320 million rupees, and 597 million rupees after excluding share-based compensation.

(Editing by Robyn Mak and Thomas Shum)

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** Shares of MTAR Technologies Ltd MTAR.NS rise as much as 3.66% to 1965 rupees

** Rise after investment firm Plutus Wealth Management LLP bought 1,315,000 shares of the precision engineering company, at a price of 1,880.02 rupees per share

** Promoters Usha Reddy Chigarapalli, Anitha Reddy Dwaram and Kavita Reddy Gangapatnam sold 400,000, 450,000 and 270,000 shares, respectively: BSE data

** Trading volume is 491,523 shares as of 12:43 p.m. IST, nearly twice the 30-day avg - Refinitiv data

(Reporting by Bharath Rajeswaran in Bengaluru)

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May 17 (Reuters) - MTAR Technologies Ltd MTAR.NS:

• MARCH-QUARTER CONSOL NET PROFIT 310.7 MILLION RUPEES VERSUS 198 MILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 1.96 BILLION RUPEES VERSUS 985.8 MILLION RUPEES

• REAPPOINTS P SRINIVAS REDDY AS MANAGING DIRECTOR

Source text for Eikon: [ID:]

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