Corporate Actions
PTC Industries rallies on plan to set up SPV for defence testing

11-Jun-24   13:35 Hrs IST
The company will be established a green field defence testing facility in Lucknow Node of the UP Defence Industrial Corridor under the DTIS scheme. This facility, named ?Advanced Materials (Defence) Testing Foundation? is a collaborative effort among key industry players including Hindustan Aeronautics, Bharat Dynamics, Mishra Dhatu Nigam, Yantra India, PTC Industries and Uttar Pradesh Expressways Industrial Development Authority, with the land being provided by the Uttar Pradesh Expressway Industrial Development Authority.

The Government of India will fund 75% of the project cost, with the remaining 25% funded by the SPV members, totalling an approximate cost of Rs 53 crore.

Sachin Agarwal, chairman and managing director, PTC Industries said, ?We are delighted to partner with the country's leading defence organizations under the DTIS scheme to establish the Advanced Materials (Defence) Testing Foundation in the Lucknow Node of the UP Defence Industrial Corridor. We extend our heartfelt gratitude to the Government of India and the Ministry of Defence for their visionary DTIS initiative and for setting up this facility within the UPDIC.

This state-of-the-art lab, one of its kind globally, marks a significant milestone in enhancing testing capabilities for advanced materials like Titanium and Super Alloys, ensuring superior quality and compliance with stringent defence standards. This collaborative effort strengthens our manufacturing capabilities and bolsters the defence manufacturing ecosystem in Uttar Pradesh and across India.

PTC Industries is a leading manufacturer of metal components for critical and super critical applications. The Company?s shares are listed on the Bombay Stock Exchange (BSE) in India

The company's consolidated net profit increased 59.89% to Rs 14.71 crore on 16.35% increase in net sales to Rs 72.41 crore in Q4 FY24 over Q4 FY23.

Powered by Capital Market - Live News

Attention Investors: Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020. || Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. || Pay 20% upfront margin of the transaction value to trade in cash market segment. || Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard. || Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.|| KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.|| No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.