PTC Industries shares hit a 10% upper circuit on January 17 after the precision metal components manufacturer’s arm inked an agreement with France-based Dassault Aviation for the supply of titanium casting parts.

PTC Industries’ shares hit an intraday high of Rs 7,682.55, 9.99% higher than its previous closing price on the National Stock Exchange (NSE). The stock closed 0.97% higher at Rs 7,052.00.

According to the regulatory filing, Aerolloy Technologies, a subsidiary of PTC Industries, inked a multi-year agreement with France-based Dassault Aviation to manufacture and supply a full range of Titanium casting components for the Rafale multirole fighter aircraft and the Falcon business jet programme.

The agreement highlights Dassault Aviation’s goal of contributing to the success of a robust ecosystem for the supply of critical components within India and beyond. The arrangement also illustrates the dedication of both firms to the ‘Make in India’ and Atmanirbhar Bharat initiatives outlined by the Government of India.

Earlier this month, the board of PTC Industries approved its plan to raise up to Rs 141.24 crore through a preferential issue of up to 2,35,415 fully paid-up equity shares at an issue price of Rs 6,000 per share.