PTC Industries' shares surged over 5 percent 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 percent, as against 6 percent rise in the benchmark Nifty 50 index.
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The company supplies and manufactures earth moving equipment, fork, machine tools, pump, spare parts. It is also an exporter of stainless steel casting and non ferrous alloy.
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.
ALSO READ: PTC Industries Standalone March 2024 Net Sales at Rs 70.23 crore, up 18.79% Y-o-Y
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 percent of the project's cost, with the SPV members funding the remaining 25 percent, totaling 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, PTC Industries.
In Q4FY24, PTC Industries net profit rose 60 percent on-year to Rs 14 crore, while sales increased by 16 percent YoY to Rs 72 crore.
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