Azad Engineering signs long-term contract with Rolls Royce; stock hits all-time high
At around 12:19 p.m., shares of Azad Engineering traded 8.9 per cent or Rs 60.2, higher at Rs 736.5 apiece. Meanwhile, its market capitalisation stood at Rs 4,326.78 crore.
Azad Engineering share price: Shares of Azad Engineering hit an all-time high on the BSE on Monday (January 29) after the company signed a long-term contract with British luxury car manufacturer Rolls Royce.
At around 12:19 p.m., shares of Azad Engineering traded 8.9 per cent or Rs 60.2, higher at Rs 736.5 apiece. Meanwhile, its market capitalisation stood at Rs 4,326.78 crore.
The contract is to produce and supply critical engine parts for their Defence/Military Aircraft engines.
"It is informed that Rolls-Royce signs long-term contract of seven years with Azad Engineering Limited to produce/Supply critical engine parts for their Defence / Military Aircraft engines," the filing read.
The transaction amount was not specified in the filing.
Azad Engineering shares were listed on the BSE and NSE in December 2023. The stock had made a decent stock market debut and was listed at Rs 720 apiece on the NSE, a premium of 37.40 per cent to the issue price of Rs 524 per share.
On BSE, Azad Engineering shares began trading at Rs 710 apiece, witnessing a premium of 35.50 per cent to the issue price.
Since its debut, the stock has gained nearly 2 per cent from its listing price of Rs 720 apiece and 40 per cent from its issue price.
Azad Engineering is one of the key manufacturers of qualified product lines, supplying global original equipment manufacturers (OEMs) in the energy, aerospace, defence, and oil and gas industries, manufacturing highly engineered, complex, and mission- and life-critical components.
AEL has advanced manufacturing facilities in Hyderabad and Telangana, capable of producing high-precision forged and machined components, and two large manufacturing facilities are in the pipeline.
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