Small-Cap Stock Zooms 8% As Israeli Aerospace Major Approves Components Supply

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Small-Cap Stock Zooms 8% As Israeli Aerospace Major Approves Components Supply
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the high-precision metal components supplier PTC Industries (BO: PCIN ) zoomed 8.2% on Thursday and hit a high at Rs 2,552 apiece during the session, as a subsidiary company received approval for the supply of components to leading Israeli aerospace manufacturer Israel Aerospace Industries (IAI).

A wholly owned subsidiary of PTC Industries, Aerolloy Technologies has been given approval for the supply of cast components by Israel Aerospace Industries, making it the first company from India to source cast components for the Israeli major.

The cast components need to be supplied to IAI for aerospace applications, PTC Industries said on May 23, 2023.

IAI is a world leader in defence, aerospace, and commercial markets and uses cutting-edge technology to deliver solutions for national defence and security concerns.

InvestingPro models appear bearish on the small-cap stock and have an average fair value of Rs 1,311.37/share set on it. At PTC Industries’ closing price on Thursday, the average fair value is at a potential downside of 47.4%.

InvestingPro sees the most bearish fair value set on PTC Industries at Rs 1,146/share, indicating a 54% downside.

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