Shares of MTAR Technologies rose nearly 3% today after the precision engineering company inked a memorandum of understanding (MoU) with Indian National Space Promotion and Authorization Centre (IN-SPACe) India for design and development of a two-stage to low earth orbit all liquid small satellite launch vehicle.
The satellite launch vehicle will be powered by semi cryogenic technology with a payload capacity of 500 kg.
Buoyed by the development, MTAR Technologies stock touched a high of Rs 1755, up 2.82% on BSE within minutes of opening trade. MTAR Technologies shares were trading higher than the 5-day, 20-day, 50-day, 100-day and 200 -day moving averages.
The stock opened higher at Rs 1720.75 against the previous close of Rs 1706.90 on BSE. However, MTAR Technologies have lost 27.35% in a year and fallen 29.59% in 2022. However, in a month, the stock has gained 8.88%.
Total 2,181 shares of the firm changed hands amounting to a turnover of Rs 37.84 lakh in the morning session. Market cap of the firm rose to Rs 5278.35 crore on BSE.
Both the parties have inked a framework MoU for various requirements including avionics, sub systems testing, facilitation of launch etc. and any other requirements that might emerge during the course of design, development and launch phase. The MoU shall remain in force for three years.
"MTAR has consistently embraced innovation to indigenise new technologies for India. Now the company is taking a leap forward to graduate from precision engineering to complete system integration by initiating the development of a Two Stage to Low Earth Orbit All Liquid Small Satellite Launch Vehicle project to address a payload of 500 kg in the Low Earth Orbit. The company has adopted all liquid route to leverage more than three decades of expertise in manufacturing liquid propulsion engines," said Parvat Srinivas Reddy, Managing Director of MTAR Technologies Limited.
MTAR Technologies has seven strategically based manufacturing units including an export-oriented unit each based in Hyderabad, Telangana. MTAR caters to Civil Nuclear Power, Space, Defence and Clean Energy sectors. Its segments include Civilian Nuclear Power, Space, Defence & Aerospace, Clean Energy, Ball Screws & Roller Screws, and Other Segments-Marine.