Mukul Agrawal-Backed Stock Hits 52W-High On Fundraising Proposal

PTC Industries' shares jumped to a new high of Rs 15,650 on Wednesday after opening at Rs 14964.35 on the BSE. Later, it wrapped up 0.56% higher at Rs 14781.80 per share after the company disclosed the schedule of an upcoming board meeting whereby, among other things, a proposal for fundraising in one or more tranches will be considered and approved.

"We wish to inform you that pursuant to Regulation 29(1)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the Board of Directors (the "Board") of the PTC Industries Limited (the "Company") is scheduled to be held on Saturday, July 13, 2024, at 04:00 pm through video - conferencing facility to inter alia consider and evaluate a proposal for raising of funds, in one or more tranches, through permissible mode(s) and / or combination(s) thereof as may be considered appropriate, by way of issuance of any instruments or securities, through private placement, preferential issue, rights issue, qualified institutions placement or such other methods or combinations thereof as may be decided by the Board, subject to such approvals as may be required, and to transact other businesses with the permission of the Chairperson," said the company in a stock exchange filing on Wednesday.

The Board would also consider convening an extraordinary general meeting/postal ballot process to seek approval of the shareholders in respect of the aforesaid proposal of fundraising, as required, PTC Industries informed stock exchanges.

The most cutting-edge casting technology has been successfully developed by Aerolloy Technologies Limited, a wholly owned subsidiary of PTC Industries Limited, to manufacture Single Crystal and directly solidified blades and vanes for use in Industrial Gas Turbine and Aero-engine applications. This announcement was made earlier on June 29. This production capacity has been put up by the company at its Lucknow site. PTC is the only firm in India and one of the few in the world with this kind of technological know-how.

"This capability and its related infrastructure will enable the company to produce Airfoils (blades and vanes) with complex internal hollow cooling passages while having highly specialized microstructures like Single Crystal or Directionally Solidified," said PTC Industries in a regulatory filing.

Mr. James Collins, Chief Technology Officer, PTC Industries said: "We are immensely proud to have integrated the pinnacle of casting technologies into our operations, marking a significant milestone for our company. The acquisition of Single Crystal and Directionally Solidified casting capabilities not only enhances our product offerings but also reinforces our commitment to innovation and excellence. By mastering this highly specialized manufacturing technology, we are poised to meet the growing demand of the defence and aerospace industry and secure a leading position in manufacturing technology."

For more than 60 years, PTC Industries Limited has been a prominent Indian producer of precision metal components for key applications. The firm produces and supplies titanium and superalloy castings for aerospace and defence applications in India as well as for exports through its fully-owned subsidiary Aerolloy Technologies Limited.
PTC Industries is one of the portfolio stocks of Mukul Mahavir Agrawal in which the ace investor held a 1.16% stake or 1,67,000 fully paid up equity shares of the company during the quarter ended 31st March 2024.