Azad Engineering shares jump over 14% after securing Rs 700 crore contract from Mitsubishi
Azad Engineering shares rallied over 14% to Rs 1,670 in Monday's trade on BSE, following the announcement of a major long-term contract with Mitsubishi Heavy Industries worth Rs 700 crore.
«Azad Engineering Limited has signed long term contract & price agreement (LTCPA) with Mitsubishi Heavy Industries Limited, Japan (MHI) for the 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,» the company said in an exchange filing.
«This current phase of contract, valued at US$ 82.89 million (Rs 700 crores) is a robust step towards cementing our everlasting strategic relationship with Mitsubishi Heavy Industries Limited, Japan (MHI),» the company added.
At 10:47 am, the scrip was trading 9.8% higher at Rs 1,604 on BSE. Its shares have surged 135% in 2024 to date, with the company currently holding a market capitalization of Rs 9,482 crore.
The shares of Azad Engineering debuted on the stock exchanges in December 2023 at a premium of 37.4% (Rs 196) at Rs 720 apiece on NSE and at Rs 710 on BSE (up 35.5%) as against the issue price of Rs 524.
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