Azad Engineering shares hit record high on contract with Rolls-Royce; check details
Azad Engineering shares rose 9% intraday to Rs 775.80 against the previous close of Rs 711.70 on BSE. Market cap of Sachin Tendulkar-backed Azad Engineering rose to Rs 4492 crore.
- Jan 30, 2024,
- Updated Jan 30, 2024 11:33 AM IST
Shares of Azad Engineering Limited zoomed 9% to their record high in early trade after the heavy electrical equipment maker said it has inked a long-term contract of 7 years with Rolls-Royce to produce/supply critical engine parts for their defence/military aircraft engines.
The stock rose 9% intraday to Rs 775.80 against the previous close of Rs 711.70 on BSE. Total 0.87 lakh shares of the firm changed hands amounting to a turnover of Rs 6.46 crore. Market cap of Sachin Tendulkar-backed Azad Engineering rose to Rs 4492 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Azad Engineering stands at 64.3, signaling it's trading neither in the overbought nor in the oversold zone.
On December 28, 2023, shares of Azad Engineering made a strong debut on Dalal Street as the manufacturer of aerospace components and turbines listed at Rs 720, a premium of 37.40 per cent, at the National Stock Exchange (NSE), against the issue price of Rs 524 apiece. The scrip listed at a premium of 35.50 per cent at Rs 710 on the BSE.
Azad Engineering offered its shares in a price band of Rs 499-524 apiece with a lot size of 28 equity shares. The IPO was held from December 20 to December 22. The company raised a total of Rs 740 crore via IPO, including a fresh share sale of Rs 240 crore and an offer-for-sale (OFS) of up to 95,41,985 equity shares.
Azad Engineering, which was incorporated in 1983, is a manufacturer of aerospace components and turbines. The company supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries. Azad Engineering's products are highly engineered, complex, mission-critical and vital.
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Shares of Azad Engineering Limited zoomed 9% to their record high in early trade after the heavy electrical equipment maker said it has inked a long-term contract of 7 years with Rolls-Royce to produce/supply critical engine parts for their defence/military aircraft engines.
The stock rose 9% intraday to Rs 775.80 against the previous close of Rs 711.70 on BSE. Total 0.87 lakh shares of the firm changed hands amounting to a turnover of Rs 6.46 crore. Market cap of Sachin Tendulkar-backed Azad Engineering rose to Rs 4492 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Azad Engineering stands at 64.3, signaling it's trading neither in the overbought nor in the oversold zone.
On December 28, 2023, shares of Azad Engineering made a strong debut on Dalal Street as the manufacturer of aerospace components and turbines listed at Rs 720, a premium of 37.40 per cent, at the National Stock Exchange (NSE), against the issue price of Rs 524 apiece. The scrip listed at a premium of 35.50 per cent at Rs 710 on the BSE.
Azad Engineering offered its shares in a price band of Rs 499-524 apiece with a lot size of 28 equity shares. The IPO was held from December 20 to December 22. The company raised a total of Rs 740 crore via IPO, including a fresh share sale of Rs 240 crore and an offer-for-sale (OFS) of up to 95,41,985 equity shares.
Azad Engineering, which was incorporated in 1983, is a manufacturer of aerospace components and turbines. The company supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries. Azad Engineering's products are highly engineered, complex, mission-critical and vital.
Also read: Tata Power shares hit fresh record high; here's what analysts say