Azad Engineering jumps on inking strategic contract with GE Vernova
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Azad Engineering is currently trading at Rs. 1245.75, up by 27.45 points or 2.25 % from its previous closing of Rs. 1218.30 on the BSE.
The scrip opened at Rs. 1172.00 and has touched a high and low of Rs. 1249.00 and Rs. 1157.65 respectively. So far 13433 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 1465.00 on 05-Mar-2024 and a 52 week low of Rs. 641.95 on 17-Jan-2024.
Last one week high and low of the scrip stood at Rs. 1364.10 and Rs. 1157.65 respectively. The current market cap of the company is Rs. 7248.44 crore.
The promoters holding in the company stood at 65.90%, while Institutions and Non-Institutions held 10.39% and 23.71% respectively.
Azad Engineering has signed a 7 year strategic contract with the Steam Power business of GE Vernova for the supply of high-complex rotating airfoils for Nuclear, Industrial and Thermal power industry. This transformative collaboration brings an agreement that is valued around $35 million for a period of 7 years on March 13, 2024.
Azad Engineering is one of the key manufacturers of its qualified product lines in the aerospace and defence, energy and oil and gas industries, manufacturing highly engineered, complex and mission and life-critical components.
