Azad Engineering shares today rallied nearly 14% in trade today on Bombay Stock Exchange after the company signed a Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries Limited, Japan (MHI) for supply of highly engineered & complex rotating and stationary Airfoils for Advanced Gas & Thermal power turbine engines to meet their global demand in the power generation industry.
This current Phase of contract, valued at ~ USD ($) 82.89 Million (INR ~ 700 Crores) is a robust step towards cementing our everlasting strategic relationship with Mitsubishi Heavy Industries Limited, Japan (MHI). Current market price of Azad Engineering Ltd shares on BSE stood at Rs 1577.60 per share. Azad Engineering shares gave shareholders returns of 130% so far this year and the scrip plummeted over 2% in last 3-months. The company’s market cap stood at Rs 9,325.67 crore, according to BSE. Check details below:
Azad Engineering Bags New Order:
The time period by which the order needs to be executed is 5-years as it is a long-term contract.
Azad Engineering Shares Performance:
Azad Engineering shares today opened at Rs 1560.05 per share, hit day’s high of Rs 1670.25 per share and day’s low of Rs 1560.05 apiece on BSE. The 52-week high price of Azad Engineering shares on BSE stood at Rs 2080.00 per share and 52-week low price is Rs 641.95 per share, respectively. Azad Engineering stock gained 11.84%in last 1-week, surged over 12% in last 1-month, and offered return of 20% in last 6-months.
Should You Buy Azad Engineering Shares?
Leading global brokerage firm initiated coverage on Azad Engineering shares with buy call and set the target price of Rs 1,850 per share. The analyst believed that Azad Engineering has a strong foundation for multi-year growth. The stock has jumped more than 100% since its IPO listing in December.
Azad Engineering About:
Azad Engineering is a producer of Turbine and Aerospace Parts required by Power Generation and Aerospace OEMs with varied complex design and Stringent Engineering requirements. It is one of the key manufacturers of qualified product lines in the aerospace and defence, energy and oil and gas industries, manufacturing highly engineered, complex and mission and life-critical components. Its products include 3D rotating airfoil portions of turbine engines and other critical products for defence and civil aircrafts, spaceships, defence missiles, nuclear power, hydrogen, gas power, oil and thermal power, according to its official website.
