India's PTC Industries hits record high as defence-linked stocks rally

Bharat Dynamics

11/06/2024 08:53

** Shares of PTC Industries Ltd  PCIN.NS  rise as much as
5.5% to a record high of 11,750 rupees
    ** Defence-linked stocks have risen sharply over the last
few sessions, with a third term for PM Narendra Modi's
government easing investor worries on policy continuity
    ** Modi's govt has focused on boosting local defence
manufacturing capacity in the last few years
    ** Including session's gains, stock up 41% over last 5
sessions after falling ~17% on June 4 when narrower lead for
Modi and allies in election results rattled investors
    ** PCIN said on Monday it is joining a group of companies,
including state-owned HIAE and BARA in setting up defence
testing facility
    ** Co and other defence peers to fund 25% of project cost
totalling 530 mln rupees (~$6.4 mln); India govt to fund
remaining 75%
    ** PCIN stock up ~94% so far this year, outperforming HIAE's
73.5% rise and BARA's 66% jump

    ($1 = 83.5075 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))