PTC Industries gains on inking pact to incorporate SPV
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PTC Industries is currently trading at Rs. 7328.85, up by 79.80 points or 1.10% from its previous closing of Rs. 7249.05 on the BSE.
The scrip opened at Rs. 7235.35 and has touched a high and low of Rs. 7389.20 and Rs. 7196.80 respectively. So far 478 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 9538.75 on 08-Feb-2024 and a 52 week low of Rs. 2234.00 on 16-May-2023.
Last one week high and low of the scrip stood at Rs. 7919.90 and Rs. 7196.80 respectively. The current market cap of the company is Rs. 10591.08 crore.
The promoters holding in the company stood at 62.95%, while Institutions and Non-Institutions held 4.26% and 32.79% respectively.
PTC Industries has signed an agreement on May 6, 2024 to incorporate Special Purpose Vehicle (SPV) under Section 8 of the Companies Act of 2013. Further Uttar Pradesh Expressways Industrial Development Authority will provide 2 acres of land to the proposed Section 8 Company for the Defence Testing Infrastructure (DTI) at the Lucknow node of the Uttar Pradesh Defence Corridor.
The SPV will be responsible for the development, operation, and management of the proposed DTI. The upcoming facility is set to welcome industries from both within and outside the state. This state-of-the-art testing lab is poised to play a pivotal role in advancing the defence and aerospace manufacturing ecosystem. Envisioned as a world-class testing lab, this facility is poised to become a cornerstone in the development of the defence and aerospace manufacturing ecosystem. Its significance lies in facilitating research and providing cutting-edge testing capabilities to contribute to the growth and advancement of these crucial industries.
The main object of incorporation of Company under Defence Testing and Infrastructure Scheme promulgated by Ministry of Defence is to provide focused, structured, and significant thrust to indigenous Research, Development and Manufacturing in the Defence Sector, with special focus on participation of MSMEs and Startups, by providing state of the art testing facilities. And also provide easy access and meet the testing needs that will address the quality and certification requirement of the domestic defence industry.
PTC Industries is a manufacturer of high-quality engineering components for various critical and super-critical applications.
