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PTC Industries stock jumps 5%, hits all-time high on joining 'Make in India' defence initiative

11 Jun , 2024   By : Debdeep Gupta


PTC Industries stock jumps 5%, hits all-time high on joining 'Make in India' defence initiative

PTC Industries' shares surged over 5 per cent to reach an all-time high of Rs 11,753 each on June 11. This rise follows the company's participation in a special purpose vehicle (SPV) under the government's 'Make in India' initiative aimed at boosting the defence and aerospace sectors.

So far this year, the stock of this metal components maker soared 93 per cent, as against a 6 per cent rise in the benchmark Nifty 50 index.

The company supplies and manufactures earth-moving equipment, forks, machine tools, pumps, and spare parts. It is also an exporter of stainless steel casting and non-ferrous alloys.

In a recent exchange filing, PTC Industries announced its partnership with top defence entities under the DTIS scheme to support the 'Make in India' initiative for the Indian defence and aerospace sectors. A greenfield defence testing facility is being developed at the Lucknow Node of the UP Defence Industrial Corridor as part of the DTIS scheme.

This facility, named the 'Advanced Materials (Defence) Testing Foundation,' is a joint effort among key industry players, including Hindustan Aeronautics, Bharat Dynamics, Mishra Dhatu Nigam, Yantra India, PTC Industries, and the Uttar Pradesh Expressways Industrial Development Authority, which is providing the land.

The Government of India will cover 75 per cent of the project's cost, with the SPV members funding the remaining 25 percent, totalling Rs 53 crore.

"This state-of-the-art lab, one of its kind globally, marks a significant milestone in enhancing testing capabilities for advanced materials like Titanium and Super Alloys, ensuring superior quality and compliance with stringent defence standards," said Sachin Agarwal, Chairman and Managing Director, of PTC Industries.

In Q4FY24, PTC Industries' net profit rose 60 per cent on-year to Rs 14 crore, while sales increased by 16 per cent YoY to Rs 72 crore.

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