Share Price Of PTC Industries Jumps After Aerospace MoU With Odisha Govt

Bhubaneswar: Couple of days after signing an MoU with Odisha government during the business summit in Bhubaneswar, share price of advanced manufacturing and materials technology company PTC Industries gained 5% on Friday after a rebound to Rs 13988.10.

On Thursday, the company announced that it would establish an aerospace-grade titanium sponge manufacturing facility in Odisha. The initiative will position PTC Industries (and its subsidiary Aerolloy Technologies) as one of the very few companies in the world with an integrated Titanium manufacturing value chain – spanning from the production of Titanium Sponge, Titanium alloy ingots, forged billets, rolled bars, rods, sheets, plates, and precision castings, it said in an exchange filing.

Titanium Sponge is the fundamental raw material required for manufacturing Titanium alloys, which are indispensable in aerospace, defence, and advanced industrial sectors. Only a few countries of the likes of the United States, Russia, Kazakhstan and Japan, have the capability to produce aerospace-grade Titanium Sponge.

“This MoU signifies an important step towards strengthening India’s Titanium industry. With Odisha’s support and our technological expertise, we aim to build a fully integrated titanium manufacturing ecosystem that can cater to the evolving needs of global aerospace and defence industries. We appreciate the proactive efforts of the Government of Odisha in facilitating this opportunity and look forward to exploring the potential of this investment.” said Chairman & Managing Director of PTC Industries Sachin Agarwal.

Earlier, share price of KPI Green Energy had jumped by 5% after it signed an MoU with the Odisha government to establish renewable energy parks in Ganjam. “By signing this MoU, we demonstrate our mutual commitment to the growth of the renewable energy sector and our vision for a sustainable, clean energy future,” the company said in an exchange filing.

During Wednesday’s trading session, the shares of Sadhav Shipping Limited also surged nearly 19.3 per cent to Rs. 135.85 on NSE, following the announcement that the company, along with its Singapore-based JV partner, had signed a MoU, expressing intents to invest Rs. 5,637 crore in Jagatsinghpur/Kendrapada region, at the Utkarsh Odisha conclave.

The proposed business activities will include ship manufacturing, construction, repairs, and maintenance; development of port infrastructure for offshore supply base, along with logistics services and warehousing facilities; and the exploration, drilling & production of oil & gas, and other minerals from the seabed.