Shares of PTC Industries Ltd hit a record high in early trading on Tuesday. The company saw its stock rise when it set up a greenfield defense testing facility in Lucknow under the Defense Testing Infrastructure Scheme in collaboration with leading institutions.

According to an exchange filing, the facility — the Advanced Materials (Defence) Testing Foundation — has been set up to meet the costs of state-of-the-art testing infrastructure. The filing said the facility was built in partnership with Hindustan Aeronautics Limited, Bharat Dynamics Limited, Mishra Dhatto Nigam Limited, Yantra Limited, PTC Industries Limited, and Uttar Pradesh Expressways Industrial Development Authority.

The total cost of the project is Rs 53 crore. The government will fund 75% of the project cost, and the remaining 25% will be funded by special purpose vehicle members, the exchange filing said.

The DTIS scheme is designed to give manufacturers easy access to testing facilities, as these are capital intensive and not feasible for industry players to set up.

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