PTC Industries inks pact with BAE Systems to produce titanium castings; stock rallies ~4.5%

31 Oct 2022 , 09:23 AM

PTC Industries Limited, a manufacturer of high-quality engineering metal components for various critical and super-critical applications, signed a contract with BAE Systems at the recent DefExpo 2022 held in Gandhinagar, Gujarat, to manufacture titanium castings for the Indian 155mm M777 Ultra-Lightweight Howitzer (ULH) at PTC Industries' Lucknow, Uttar Pradesh, India production facility.

The first sub-systems will be manufactured by the end of 2022, and there are plans to advance the production of all three major structures (Saddle, Cradle, and Lower Carriage) that form the foundation of the gun.

PTC will be able to support BAE Systems' global supply chain as a result of its participation in the M777 programme.

The M777 Howitzer has unmatched tactical and strategic mobility, is highly portable by land, air, and sea, and has a small logistical footprint while providing maximum reliability.

This means it can be moved and redeployed frequently, maximizing survivability while avoiding the IED risks that self-propelled systems face. The M777 has the ability to strike over long distances, regardless of terrain or obstacles. The M777 howitzer is used by forces in the United States, Canada, Australia, and India in various configurations.

This agreement will ensure that the ULH's overall 'Make in India' content is greater than 60%, allowing the Government of India to procure any future platforms under a "Make in India" acquisition requirement.

At around 9.21 AM, PTC Industries was trading 4.30% higher at Rs2,939.65 per piece against previous close of Rs2,818.40 on NSE. The counter hit a new 52-week high of Rs2,939.65 so far in today's trade.

For feedback and suggestions, write to us at [e-mail]