PTC Industries, which has closed on Monday at Rs.4918.85, opened higher today at Rs.064 and soon went on to hit the 5% UC of the day at Rs.5164.75. And this was on exchange of just 703 shares.
The markets are happy with this new development in the company – it has entered into a multi-year contract with Safran Aircraft Engines, the French global leader in aero engine design, development, and manufacturing, to develop industrial cooperation for LEAP engines casting parts.
Under the terms of the contract, PTC Industries will produce titanium-casting parts for Safran Aircraft Engines. This agreement reflects commitment to Indian Government “Make in India” policy. Safran Aircraft Engines’ ambition is to develop a comprehensive aero engines ecosystem in India, strengthening its global supply-chain built for the LEAP production ramp-up.
Based in Lucknow (Uttar Pradesh), PTC Industries has a long-standing expertise in advanced casting processes, as well as precision machining. The first titanium casting parts for LEAP engines are scheduled to be delivered early in 2024 for the LEAP engine powering single-aisle jet.