PTC Industries shares jump over 8% after subsidiary gets IAI approval for components

Shares of PTC Industries jumped 8.2% to Rs 2,552 in Thursday's intraday trade after its subsidiary, Aerolloy Technologies, was approved by Israel Aerospace Industries (IAI) for the supply of cast components for Aerospace applications.

"Aerolloy Technologies (a wholly owned subsidiary of PTC Industries), a manufacturer of strategic and critical materials and high integrity metal components, for various critical and super-critical applications in aerospace, has been approved by Israel Aerospace Industries (IAI), for supply of cast components for Aerospace applications. This is the first time that IAI is sourcing such cast components from India," the company said in an exchange filing.

Sachin Agarwal, Chairman and MD, PTC Industries said, "This is yet another major approval received by ATL recently demonstrating the technological capabilities that the company has built in a short period of time. This is a significant achievement for us, and we will now be working with one of Israel's leading organisations and a global leader. This would also open great opportunities for us for exports in the defence and aerospace sectors."

At 10.55 am, the scrip was trading 4.6% higher at Rs 2,466 on BSE. In the last year, the stock has surged 58%, while it has declined 12% in the last six months.

Technically, the day RSI (14) is 52. RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at -10.6, which is below its Center Line, this is a bearish indicator.
Israel Aerospace Industries is a world leader in defence, aerospace, and commercial markets and uses cutting-edge technology and decades of combat-proven experience to deliver solutions for national defence and security concerns. IAI operates as a prime contractor, subcontractor, and team member in dozens of big programmes for the aerospace, land, marine, and cyber domains, as well as multi-domain applications.

PTC Industries is also one of the world’s leading suppliers of high-precision metal components for critical and super-critical operations across a wide range of segments including aerospace, defence, and industrial. The company has invested in well-integrated manufacturing units having manufacturing facilities in Uttar Pradesh and Gujarat.

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