Shares of PTC Industries Ltd jumped 1.57% to Rs 14,980 in Wednesday’s early trade after its wholly-owned subsidiary, Aerolloy Technologies Ltd (ATL), signed a Memorandum of Understanding (MoU) with Safran Aircraft Engines to strengthen India’s defence aerospace manufacturing ecosystem.
Under this strategic MoU, ATL and Safran Aircraft Engines will jointly focus on developing and manufacturing components and materials for military aircraft engines. Aerolloy Technologies is already a supplier of castings and aerospace materials, while Safran is a global leader in the design and production of civil and military aircraft engines.
Both companies are already engaged in manufacturing parts for Safran’s commercial LEAP engine program. This new agreement will extend their collaboration into the defence space.
Sachin Agarwal, Chairman and Managing Director of PTC Industries, stated, “The MoU between Aerolloy and Safran marks a significant step towards enhancing India’s indigenous capabilities in military aircraft engine manufacturing. It aligns with the ‘Make in India’ initiative and strengthens our country’s aerospace and defence production capacity.”
At 9:22 AM, shares of PTC Industries were trading at Rs 14,980, up Rs 232 from the previous close of Rs 14,748. The stock’s 52-week range stands between Rs 9,756.30 and Rs 17,995.00, with a market capitalization of Rs 22,418 crore.
India’s domestic mutual funds collectively own a 5.64% stake in the company, with Motilal Oswal Large and Midcap Fund holding 2.43%. Among key public shareholders are Vikas Khemani (3.21%), Mukul Agrawal (1.07%), Mona Russel Mehta (2.98%), and Ashok Kumar Shukla (1.11%).
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