Mtar Technologies bags orders worth Rs174.60 crore in Clean Energy Segment; stock slips ~2%

1 Jul 2022 , 10:51 AM

Mtar Technologies Limited, Hyderabad informed that it has received orders worth about the US $22.12 million (approx. Rs174.60 crore) in the Clean Energy Segment.

The company is expected to execute the projects between Jan 2023 to June 2023.

Mr. Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, stated, “The Clean Energy sector is poised to grow at an accelerated pace in the face of global carbon emission reduction targets.

In India, the green hydrogen market is expected to be worth USD 8 billion by 2030 and USD 340 billion by 2050. The National Institute of Technology Aayog has proposed a Production-Linked Incentive Scheme for electrolyzers and fuel cells. MTAR is well placed to capitalize on the lucrative market potential in the Clean Energy sector.”

Mtar Tech’s counter was trading 1.69% down at Rs1,249.80 against its previous close of Rs1,271.25 on NSE. It touched intraday high and low of Rs1,279 and Rs1,238.95 respectively.