PTC Industries surge 5.20% to Rs 2239, extending recent steep gains.
Shares of PTC Industries have surged 39.13% in eight sessions.On the technical front, the stock's daily RSI (relative strength index) stood at 71.08. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 1952.46 and 1843.49 respectively. These levels will act as crucial support zones in near term.
On the BSE, 2,771 shares were traded in the counter so far compared with average daily volumes of 3,162 shares in the past two weeks. The stock hit a high of Rs 2240 and a low of Rs 2070.6 so far during the day.
The stock hit a 52-week high of Rs 2,257.61 on 12 April 2022. The stock hit a 52-week low of Rs 898.30 on 24 August 2021.
The stock had outperformed the market over the past one month, surging 21.45% compared with 5.22% rise in the Sensex.
The scrip underperformed the market in past one quarter, tumbling 43.89% as against Sensex's 8.60% rise.
The scrip had also underperformed the market in past one year, sliding 7.5% as against Sensex's 6.43% rise.
On Friday, 19 August 2022, PTC Industries announced that it has successfully completed the acquisition of the Electron Beam Cold Hearth Remelting (EBCHR) furnace with a capacity of 5,000 tonnes per annum, through its wholly owned subsidiary "Aerolloy Technologies Limited (ATL).
With the installation of this EBCHR furnace, the world's largest single site Titanium recycling facility shall now be set up in India, and make PTC one of the very few companies in the world with the manufacturing capacity and technology for remelting and recycling Titanium scrap within the country and producing aviation-grade Titanium alloy ingots indigenously.
As per industry reports, about 30,000 tonnes of Titanium is recycled annually through EBCHR or Plasma Arc Melting (PAM) which implies that PTC will now possess a significant market share of over 15% of the world production.
PTC Industries is a manufacturer of high-quality engineering components of various critical and super-critical applications. It manufactures products for a wide spectrum of industrial applications including that for oil and gas and liquified natural gas (LNG), offshore and marine, valves and flow control, power plants and turbines, pulp and paper machinery and mining and other engineering and capital goods industries.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
