Stock Market Today: PTC Industries inks aerospace memorandum of understanding (MoU) with with Odisha government, leading to share price gains during the intraday trades on Friday.
PTC Industries share price opened at ₹13,350.05 on the BSE on Friday, slightly lower than the previous day’s closing price of ₹13,589.95. The PTC Industries share price, however, rebounded and gained further to ₹13,988.10, marking close to 5% gains compared to its opening price.
PTC Industries delivers multibagger return
PTC Industries share price has more than doubled compared to its price at the end of 2023, in slightly more than a year. Meanwhile, in the last five years, the stock has gained 355%, giving multibagger returns to investors.
PTC Industries MOU details
PTC Industries in its press release on the exchanges on Thursday said that the company has signed a Memorandum of Understanding (MoU) with the Government of Odisha for an intent to establish and invest in an Aerospace-Grade Titanium Sponge Manufacturing Facility.
The initiative will position PTC Industries (and its subsidiary Aerolloy Technologies) as one of the very few companies in the world with an integrated Titanium manufacturing value chain – spanning from the production of Titanium Sponge, Titanium alloy ingots, forged billets, rolled bars, rods, sheets, plates, and precision castings.
Titanium Sponge is the fundamental raw material required for manufacturing Titanium alloys, which are indispensable in aerospace, defence, and advanced industrial sectors. Only a few countries, mainly the likes of the United States, Russia, Kazakhstan and Japan, can produce aerospace-grade Titanium Sponge.
Sachin Agarwal, Chairman & Managing Director of PTC Industries in a statement said, “This MoU signifies an important step towards strengthening India’s Titanium industry. With Odisha’s support and our technological expertise, we aim to build a fully integrated Titanium manufacturing ecosystem that can cater to the evolving needs of global aerospace and defence industries. Agarwal said that he appreciates the proactive efforts of the Government of Odisha in facilitating this opportunity and look forward to exploring the potential of this investment.”
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
