PTC Industries shares in focus after unit sigs MoU to make aircraft engine components

Shares of PTC Industries Ltd. will be in focus on Wednesday, June 25, after the company's wholly-owned subsidiary, Aerolloy Technologies Ltd. signed a Memorandum of Understanding (MoU) with Safran Aircraft Engines.

As per the MoU, both companies will co-operate on manufacturing of components and materials for military aircraft engines.

ATL is engaged in the manufacturing of castings and materials for aerospace applications. Safran Aircraft Engines is involved in the design, development, production and maintenance of civil and military engines.

Both the companies are already involved in a collaboration for commercial LEAP engines.

"The MoU between Aerolloy and Safran marks a significant step towards enhancing India's indigenous capabilities in military aircraft engine manufacturing," Sachin Agarwal, Chairman and Managing Director of PTC Industries was quoted as saying. "It aligns with the "Make in India" initiative, fostering collaboration and innovation in the aerospace sector, while addressing the defence needs of the country," he added.

India's domestic mutual funds own a 5.64% stake in PTC Industries, of which 2.43% is owned by Motilal Oswal Large and Midcap Fund. Over 18,000 small retail shareholders, or those with an authorised share capital of up to ₹2 lakh have a 9% stake in the company at the end of the March quarter.

Other prominent public shareholders in PTC Industries, as per its shareholding pattern, include Vikas Khemani (3.21%), Mukul Agrawal (1.07%), Mona Russel Mehta (2.98%) and Ashok Kumar Shukla (1.11%).

Shares of PTC Industries ended little changed on Tuesday at ₹14,711. The stock is down 6% in the last one month.