MTAR Tech shares soared more than 2 per cent a day after the company posted a massive jump in March quarter net profit. MTAR Technologies' net profit rose 103.04 per cent to Rs 18.01 crore in the quarter ended March 2021 as against Rs 8.87 crore during the corresponding quarter last year. At 12:00 pm, MTAR Tech shares were trading at Rs 1,044.50, higher by 3.1 per cent on the BSE.
The company's sales rose 12.27 per cent to Rs 69.16 crore in the quarter ended March 2021 as against Rs 61.60 crore in the same quarter last year.
On a sequential basis, MTAR Tech's net sales revenues climbed 25.20 per cent in the quarter under consideration compared to the December 2020 quarter.
Meanwhile, the board of directors recommended a dividend of Rs 3 per share, subject to approval of the members.
The BSE Sensex and NSE Nifty were trading higher by 0.3 per cent at the time.