PTC Industries shines after signing MoU with Safran Aircraft Engines
Shares of PTC Industries rallied after signing an MoU with Safran Aircraft Engines.
On November 30, PTC Industries closed trading at Rs. 2895.30, up by 107 points or 3.84% from its previous closing of Rs. 2788.30 on the BSE. The scrip opened at Rs. 2703.00 and has touched a high and low of Rs. 2900.00 and Rs. 2701.00 respectively.
PTC Industries and Safran Aircraft Engines have signed a Memorandum of Understanding (MoU) to explore opportunities for strategic business cooperation in order to leverage the complementary talents, technologies, and capabilities of both Parties and support the development of a robust domestic Defense and Civil Aerospace ecosystem and supply chain in India, in line with the goals of the Government of India's 'Make in India' initiative.
In order to fulfil the projected needs of the military and aerospace industries, the organisations will seek and develop opportunities for collaboration and partnership on a variety of fronts. In accordance with the terms of this Memorandum of Understanding, PTC and SAE will examine and explore potential commercial opportunities for a wider range of collaboration in the design, development, production, maintenance, instruction, and upgrade of high-thrust aero engines.
The BSE group 'T' stock of face value Rs. 10 has a 52-week high of Rs. 3080.00 and a 52-week low of Rs. 1184.62. Last one week high and low of the scrip stood at Rs. 2900.00 and Rs. 2651.80, respectively. The current market cap of the company is Rs 3792.16 crore.
PTC Industries Limited produces metal components for critical and supercritical applications for sectors like defence, oil and gas, liquefied natural gas (LNG), ships and marine, among others. The company is a leading player in the supply of castings, machined parts, and fabricated parts for critical and supercritical applications. The materials it supplies are diverse and include titanium alloys, alloy steel, stainless steel, duplex and super duplex stainless steel, creep-resistant steel, heat-resistant steel, nickel-based alloys, cobalt-based alloys, etc.
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