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PTC Industries share price gained 2.3 per cent on Friday and registered an intraday high of Rs 13,411 per share on the BSE. At around 12:53 PM, shares of the company were up 1.5 per cent at Rs 13,299 per share on the BSE. By comparison, the BSE Sensex traded 0.24 per cent lower at 85,633.71 around the same time.
The counter saw buying after the manufacturer of engineering metal components bagged an order from BAE Systems for a supply of Titanium Castings for the M777 Ultra-Lightweight Howitzer.
"PTC Industries is pleased to announce that it has received a significant production order from BAE Systems for the supply of Titanium castings for the M777 Ultra-Lightweight Howitzer (ULH), including Spade Trails and Blades," the company's stock exchange filing read.
With a weight of about 4.2 MT, BAE Systems' M777 ULH is the lightest towed howitzer gun that exists. This considerable weight reduction is achieved due to the extensive use of thin walled Titanium castings in the structure of the artillery gun, allowing the M777 to even be transportable by helicopter.
PTC Industries will produce complex lightweight Titanium castings for the 155mm M777 ULH at its production facility in Lucknow, Uttar Pradesh.
As per the filing, this order from BAE Systems solidifies PTC Industries' position as a leader in the production of high-quality titanium castings for critical applications.
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PTC Industries is an Indian manufacturer of precision metal components for critical applications for over 60 years. Through its subsidiary Aerolloy Technologies, the company is manufacturing and supplying Titanium and Superalloy castings for Aerospace and Defence applications within India as well as for exports.
The company is substantially expanding its Aerospace castings capability at the newly acquired 50 acres land in the Lucknow node of the Uttar Pradesh Defence Industrial Corridor. This facility will be integrated with a Titanium and Superalloy Mill, producing aerospace grade ingots, billets, bars, plates, and sheets in these critical and strategic materials.
In the past one year, PTC Industries shares have gained 130.2 per cent against BSE Sensex's rise of 30 per cent.
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