PTC Industries locks deal with Safran Aircraft Engines; stock hits 5% upper-circuit

15 Nov 2023 , 02:55 PM

PTC Industries, a Lucknow-based key component maker for aerospace, reached a 5% upper circuit on the BSE on Wednesday after the business announced a multi-year deal with Safran Aircraft Engines to elevate industrial collaboration for LEAP engine casting components.

At around 2.51 PM, PTC Industries was trading 5% higher at Rs 5,178.60 per piece, against the previous close of Rs 4,932 on NSE. 

PTC Industries will manufacture titanium-casting components for Safran Aircraft Engines as per the conditions set out in the contract. According to an exchange filing, Safran Aircraft Engines’ objective is to build a full aero engines ecosystem in India, enhancing its worldwide supply chain developed for the LEAP production ramp-up.

The company expects to deliver the first titanium casting components for LEAP engines in early 2024 for the single-aisle jet powered by the LEAP engine.

PTC Industries is a multibagger stock, having returned 120% in the past six months and more than 1300% in the last three years.

Safran Aircraft Engines, like other Safran enterprises, has a substantial presence in India, with five manufacturing sites (in Hyderabad, Bangalore, and Goa), which will be supplemented by a sixth facility in Hyderabad for LEAP MRO activities by 2025.

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