Shares of MTAR Technologies Ltd. fell nearly 2% in Thursday’s trade to Rs 2,168.30, even after the company announced securing new orders worth Rs 67.16 crore (USD 7.6 million) from an existing international customer. The decline is attributed to profit booking after a sharp surge in the previous session.
The company stated that the orders are part of regular business operations and will be executed by June 2026. MTAR confirmed that the contracts are not related-party transactions, and neither the promoter group nor group companies have any financial interest in the deal.
Despite the positive development, the stock saw selling pressure after a strong rally earlier this week. On Tuesday, October 14, MTAR shares surged 12.5% to hit a 52-week high, marking the stock’s biggest single-day gain since February 2025, following news of fresh business developments and strong investor sentiment.
During Tuesday’s session, 23.4 lakh shares of MTAR changed hands compared to the 20-day average of 1.6 lakh shares, indicating heightened market activity.
Brookfield backs MTAR client Bloom Energy
Adding to the optimism, reports suggest that Brookfield has invested $5 billion in Bloom Energy, one of MTAR Technologies’ key international clients. The partnership aims to develop AI-powered fuel cell data centers, with Bloom Energy becoming the preferred onsite power provider for Brookfield’s upcoming global AI factories.
MTAR Technologies plays a vital role in Bloom’s supply chain — supplying solid oxide fuel cell (SOFC) and solid oxide electrolyser (SOEC) components, including power units, sheet metal assemblies, and enclosures. The company also serves as the sole supplier of electrolyser units, catering to nearly 50–60% of Bloom Energy’s hotbox requirements.
While the Rs 67 crore order further strengthens MTAR’s international order book, analysts believe the stock’s fall reflects short-term profit booking following its recent rally rather than any fundamental weakness.
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