This metal component manufacturing firm jumps 5% on signing an agreement with a defence sector company
PTC Industries jumps on signing an agreement with BAE Systems hitting an intraday high of Rs 2959.
PTC Industries is currently trading at Rs 2959.30, up by 140.90 points or 5.00% from its previous closing of Rs 2818.40 on the BSE. The scrip opened at Rs 2900.00 and has touched a high and low of Rs 2959.30 and Rs 2825.00, respectively. So far 2671 shares were traded on the counter. The BSE group 'T' stock of face value Rs 10 has touched a 52-week high of Rs 2,959.30 on October 31, 2022, and a 52-week low of Rs 1,022.57 on October 29, 2021.
PTC Industries has signed an agreement with BAE Systems at the recent DefExpo 2022 held in Gandhinagar, Gujarat to manufacture titanium castings for the Indian 155mm M777 Ultra-Lightweight Howitzer (ULH) at PTC Industries’ production facility in Lucknow, Uttar Pradesh, India.
The first sub-systems will be produced by the end of 2022, and there is a plan to progress the manufacture of all three of the major structures (Saddle, Cradle, and Lower Carriage) that form the basis of the gun. As a result of its participation in the M777 programme, PTC will also be able to support the global supply chain of BAE Systems.
PTC Industries is a supplier and manufacturer of earth-moving machine equipment, fork, machine tools, pump, and spare parts -valves & pumps. It is an exporter of stainless steel casting and non-ferrous alloy. PTC has been exporting over 75% of its products for 30+ years to countries all over Europe, and North America as well as other countries in Asia and South America. Its clientele includes global leaders such as Kongsberg (previously Rolls Royce), Flowserve, Metso, Emerson, Siemens, Alstom etc.
The company generated Rs 179 crore in sales in FY22 with an operating margin of 24%. In Q1FY23, the company generated Rs 46 crore in the top line. The promoters holding in the company stood at 67.80%, while Non-Institutions held a 32.20% stake in the company.
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