Multibagger PTC Industries shares rise 3% after arm secures aerospace order from Israel

Shares of PTC Industries, a manufacturer specializing in high-quality, high-precision metal components for critical and supercritical applications, jumped 3% during the final hour of trading today, reaching ₹14,500 apiece.

This surge followed the company's announcement that its wholly owned subsidiary, Aerolloy Technologies, has secured an order from Israel Aerospace Industries (IAI) for the supply of titanium cast components for aerospace applications. This marks the first time IAI is procuring such cast components from India, the company said in today's exchange filing.

Speaking on this development, Mr Sachin Agarwal, Chairman and Managing Director, PTC Industries said, "Aerolloy Technologies is proud to share that it has received its first order from Israel Aerospace Industries for supply of Titanium castings. This is yet another milestone for ATL and demonstrates the technological capabilities that the company has been building.

"This is a significant achievement for the company, and we will now be working with one of Israel's leading organisations and a global leader. This new order has opened new opportunities for the company for exports to Israel in the defence and aerospace sectors," Sachin Agarwal added.

Zeev Mivtzari, Country Head India & CMD, Israel Aerospace Industries said, "IAI sees itself as part of the Defence Ecosystem of India. We have more than 50 local companies that we are working with, and I am very happy to expand the local activity with PTC Industries for the manufacturing of strategic materials. This is the way for IAI to expand its business and for India to actualize its self reliance policy."

Breakout above ₹15,500 could spark rally

"PTC Industries' share price looks positive on the technical chart. It has a strong base at ₹13,900, whereas it faces resistance at ₹15,500. Shareholders of the defence company are advised to maintain a stop loss at ₹13,900 apiece," said said Sumeet Bagadia, Executive Director at Choice Broking.

"Fresh entry can also be made at current levels, maintaining a buy-on-dips strategy until the stock is above the ₹13,900 mark. The scrip may become bullish on breaching above ₹15,500," he added. 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.