Smallcap stock locked at 10% upper circuit to hit 52-week high on signing supply deal with France’s Dassault Aviation
PTC Industries Share Price: Shares of PTC Industries were locked at over 11 per cent upper circuit to hit its fresh 52-week high mark of ₹7,663.25 apiece on the BSE after its subsidiary signed a new supply deal with France-based Dassault Aviation on Wednesday, January 17.
The company’s wholly-owned subsidiary Aerolloy Technologies signed a long term purchase agreement with Dassault Aviation for supply of full range of titanium cast parts made in India for the Rafale multirole fighter aircraft. Aerolloy Technologies manufactures strategic and critical materials and high-integrity metal components, for critical and super-critical applications in aerospace.
Also Read: Nifty 50, Sensex suffer biggest single-day loss since June 2022; investors lose nearly ₹5 lakh crore
“Aerolloy Technologies is poised to contribute significantly to the enduring success of Make in India – Make for the World. As the only India-based manufacturer of critical titanium cast parts, we are eager to leverage our capabilities to support the growing requirements of the various aircraft in Dassault Aviation’s portfolio,” said Sachin Agarwal, Chairman and Managing Director of PTC Industries.
As part of the multi-year agreement signed with the leading French company, Aerolloy will produce the full range of Titanium castings parts for the Rafale multirole fighter aircraft and the Falcon business jet program from 2024 onwards. Dassault Aviation is a French global leader in military aircraft, business jets and space systems.
Signing the purchase agreement, Bruno Coiffier, Senior Executive Vice President Purchasing, Dassault Aviation said: “This strategic collaboration salutes the expertise of Aerolloy Technologies joining Dassault Aviation’s worldwide global supply chain for the cutting-edge Rafale and Falcon jets.”
PTC Industries Limited is a leading Indian manufacturer of precision metal components for critical applications for over 60 years. Through its wholly owned subsidiary Aerolloy Tech, the company is manufacturing and supplying Titanium and Superalloy castings for Aerospace and Defence applications within India as well as for exports.
PTC Industries Share Price Today
On Wednesday, shares of PTC Industries opened at ₹6848.25 and surged 11.9 per cent to hit its fresh 52-week high mark of ₹7,663.25 apiece against a previous close of ₹6966.60 on the BSE. Shares settled 3.07 per cent higher at ₹7,180.40 apiece on the BSE. The smallcap firm was one of the top gainers on BSE today. Over the past six months, the share price surged around 80 per cent, while the benchmark Nifty 50 has risen about 10 per cent in the same time.
Meanwhile, domestic equity benchmarks Sensex and Nifty 50, witnessed their biggest single-day percentage loss since June 2022 today dragged by across the board selling amid weak global cues. The benchmark Sensex tanked 1,628.01 points, or 2.23 per cent, to end at 71,500.76, while the Nifty 50 settled 460.35 points, or 2.09 per cent, lower at 21,571.95.
The freefall was predominantly triggered by a substantial decline in HDFC Bank’s share price, a day after the company reported its December quarter results. HDFC Bank share price plunged over eight per cent even as the bank reported in-line Q3 numbers. Analysts pointed out that investors appear to be concerned about the Q3 margins which came largely flat.
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Published: 17 Jan 2024, 08:53 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.