Engineering stock touched the 5% upper circuit on Friday after receiving a major production order from BAE Systems for supply of titanium castings for M777 ultra-lightweight howitzer.
Share price variations:
With a market capitalization of Rs. 20,031.45 crores, the shares of PTC Industries Limited opened the trading session at Rs. 12,900 nearly par to the previous day’s close of Rs. 13,002.
Reason for Rise:
According to exchange filings, PTC Industries Limited has secured a production order from BAE Systems for titanium castings for the M777 ultra-lightweight howitzer, which includes spade trails and blades, for an undisclosed amount. The titanium castings for the 155mm M777 will be manufactured at the company’s facility in Lucknow, Uttar Pradesh.
Financial Performance:
For Q1FY25 the company reported a net profit of Rs. 2.78 crores compared to net profit of Rs. 9.26 crores in Q1FY24, while revenue from operations decreased to Rs. 46.06 crores from Rs. 70.81 crores in comparison to the same period.
Mukul Agrawal holds a 1.16% stake in the company totaling 1.67 lakh shares as of Q1 FY25. The stock has delivered an 85% return over the past six months and an impressive multibagger return of 106% year-to-date.
Recent Development & Orders:
In September, Aerolloy Technologies Limited, a wholly owned subsidiary of PTC Industries Limited, received an order from Israel Aerospace Industries (IAI) for titanium cast components for aerospace applications. The subsidiary has also acquired a hot rolling mill to manufacture plates and sheets from titanium alloys for aerospace and defence uses.
In June, Aerolloy Technologies Limited announced the successful development of advanced casting technology for producing single crystal and directionally solidified blades and vanes for aero-engine and industrial gas turbine applications. Additionally, the company announced a partnership with leading entities under the DTIS scheme in the Indian defence and aerospace sector to support the “Make in India” initiative.
Earlier in May, the company entered into an agreement to establish a Special Purpose Vehicle with five other members: Mishra Dhatu Nigam Limited, Yantra India Limited, Hindustan Aeronautics Limited, Bharat Dynamics Limited, and the Uttar Pradesh Expressways Industrial Development Authority. This initiative aims to develop, operate, and manage Defence Testing Infrastructure.
About the company:
PTC Industries Limited manufactures metal components for critical and supercritical applications for industries like Defence, Oil & Gas, Liquefied Natural Gas, Ships & Marine etc. The company exports over 75% of its products to various countries.
Written By Joseph Pv
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