Stock at an all-time high: MTAR Technologies Limited

The stock of MTAR Technologies hit a fresh all-time high of Rs 2,530 on Friday. It surged by a massive 10 per cent. This price action is backed by a huge volume that indicates active participation from the market players. The volume recorded today is greater than the 10 and 30-day average volume. The stock was seen taking support along its 20-DMA for the past three days and has shot up from there. Moreover, the RSI is in bullish territory and along with his, the MACD is indicating a fresh buy signal. With ADX being above 25, the stock is in a strong uptrend. Moreover, the Elder impulse system suggests that this bullishness is likely to continue.

In the last three months, the stock has performed exceptionally well and has delivered over 66 per cent returns to its shareholders thereby, outperforming its peers as well as broader markets. The shareholding pattern of the company comprises promoters holding a majority stake of a little over 50 per cent while the mutual fund houses hold over 20 per cent stake. The rest is being held by the retail portion. With a good amount of stake under mutual fund house’s control, the stock is quite stable and less risky. This is evident from the fact that the company has been successfully able to post good numbers on its financial report card.

MTAR Technologies is engaged in the business of manufacturing mission-critical precision and heavy equipment, components & machines. This mid-cap company with a market capitalisation of Rs 7,616 holds a promising future and is an integral part of the sector. Debuted on the exchange in the middle of March, the stock’s IPO has been one of the biggest hits of 2021. Since then, it has soared over 140 per cent and continues to make investors richer. With the price action being extremely bullish and technical parameters suggesting no signs of halting, the stock is expected to soar higher in the coming days.