PTC Industries advanced 3.57% to Rs 11,571 after the firm announced its partnership with leading entities under DTIS scheme in the Indian Defence and Aerospace sector to advance the 'Make in India' initiative.
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 Companys 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.
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