MTAR Tech shares hit 5% upper circuit as key client Bloom Energy set to join S&P 500

Reports coming in for today mention that Shares of MTAR Technologies hit the 5 percent upper circuit limit in Monday's trade as its key client Bloom Energy is set to join the S&P 500 index.

The stock was trading at Rs 7,519 per share on the NSE.

The sharp climb in the stock came amid notes that Bloom Energy will join the S&P 500 in the upcoming quarterly rebalancing, replacing Molson Coors Beverage.

The index inclusion is anticipated to draw interest from institutional market participants and passive funds tracking the S&P 500.

Bloom Energy's inclusion reflects its market capitalisation and eligibility under the index provider's criteria.

MTAR Technologies' association with Bloom Energy, which supplies fuel cell solutions for AI data centres, has strengthened its positioning in the segment. Bloom Energy's fuel cells are anticipated to be deployed in a proposed 1.8 GW data centre project in Cheyenne, Wyoming.

Bloom Energy designs, manufactures, sells and installs solid oxide fuel cell systems that provide on-site power generation for customers in the US and internationally. The firm has a market capitalisation of USD 69.4 billion and operates in the electrical industry segment.