Shares of PTC Industries hit a 5% upper circuit of Rs 5,178.60 on NSE after the company announced a multi-year contract with Safran Aircraft Engines to develop Industrial Cooperation for LEAP engine casting parts.
The contract entails the company’s production of titanium-casting parts for Safran Aircraft Engines.
Safran Aircraft Engines is to develop a comprehensive aero engines ecosystem in India to strengthen its global supply chain built for the LEAP production ramp-up.
The first titanium casting parts for the LEAP engines are scheduled to be delivered early in 2024 for the LEAP engine powering single-aisle jet.
Sachin Agarwal, chairman and managing director of PTC Industries, said, “We are delighted to develop a new cooperation with one of the world-leading aircraft engine manufacturers.”
He added, “Through this partnership, we are looking forward to leveraging our expertise in the casting process to support the ambitious production challenges of the LEAP program.”
The shares touched a 52-week high of Rs 6,334.35 on 17 August 2023 and a 52-week low of Rs 2,234.00 on 16 May 2023.
At 12:33 pm, the shares of PTC Industries were locked 5% higher at Rs 5,178.60 on NSE.