PTC Industries shares hit record high on entering into partnership under DTIS scheme

Shares of PTC Industries Ltd surged nearly 6% to hit a record high on Tuesday, June 11, after the company announced joining the government’s Defence Testing Infrastructure Scheme (DTIS) under the ‘Make in India’ initiative for the defence and aerospace industries.

In a filing to the stock exchanges, the company said that it has entered into partnerships with leading companies under the DTIS programme to advance the government’s 'Make in India' initiative.

After the announcement, PTC Industries shares rallied as much as 5.95% to hit an intraday high of ₹11,800 apiece on the NSE. However, the stock closed 5.66% higher at ₹11,768 apiece on the NSE.

The company will establish a Green Field Defence Testing Facility in Lucknow node of the Uttar Pradesh Defence Industrial Corridor, under the DTIS scheme. PTC Industries said in a release that the facility has been named “Advanced Materials (Defence) Testing Foundation”. PTC Industries said in the release that Advanced Materials (Defence) Testing Foundation is being set up as a collaborative effort between Hindustan Aeronautics Limited, Bharat Dynamics Limited, Mishra Dhatu Nigam, Yantra India Limited, PTC Industries Limited and Uttar Pradesh Expressways Industrial Development Authority.

The company mentioned in the release that it is expanding its aerospace castings capability through a multi-million-dollar investment in a new facility in Lucknow. PTC Industries added that the facility will be fully vertically integrated with a titanium and superalloy mill for the production of aerospace grade ingots, billets, bars, plates and sheets in these critical and strategic materials.

PTC Industries also informed the stock exchanges that the government will fund 75% of the project cost and the remaining cost will be borne by members of the Special Purpose Vehicle, totalling an approximate investment of ₹53 crore. The metal components maker also mentioned in the release that the land for the facility has been provided by the Uttar Pradesh Expressway Industrial Development Authority. The company said that the establishment of the facility is likely to be a significant catalyst for the Indian defence ecosystem.

PTC Industries Limited is a manufacturer of precision metal components and has been in the business for over 60 years. The company manufactures and supplies titanium and superalloy castings for aerospace and defence applications through its wholly owned subsidiary Aerolloy Technologies Limited.