Monday’s Business Highlights: Azad Engineering Shares Price Skyrocket by 10%
Azad Engineering shares Price: In a remarkable turn of events in the stock market on Monday, Azad Engineering’s shares, newly listed on the Bombay Stock Exchange (BSE), experienced a substantial surge. The company’s shares witnessed a remarkable 10% increase in intraday trading, reaching a new 52-week high of INR 745.55. Behind this surge lies a significant development for Azad Engineering – the company has secured a long-term contract with Rolls-Royce, the British luxury car manufacturer, to produce essential engine parts.
Long-term Contract with Rolls-Royce Sparks Share Rally
Azad Engineering Limited confirmed the news, stating that the contract involves supplying crucial engine components for their defense aircraft engines. The company has inked a seven-year deal with Rolls-Royce. However, the financial details of the agreement have not been disclosed. Following this announcement, there has been a buying frenzy for Azad Engineering shares.
Listing Details and Market Performance: Azad Engineering Shares Price
Azad Engineering shares were listed on both BSE and NSE in December 2023. The stock had a strong debut, with its shares listed at INR 720 on NSE, carrying a premium of 37.40% over the issue price of INR 524 per share. On BSE, Azad Engineering shares were listed at INR 710, presenting a premium of 35.50% over the issue price. Notably, the stock has witnessed an increase of nearly 2% from its listing price of INR 720 and a substantial 40% increase from its issue price.
Prominent Shareholders Include Sachin Tendulkar
Renowned personalities, including cricket legend Sachin Tendulkar, hold a significant stake in Azad Engineering. Sachin Tendulkar alone possesses around 4.5 lakh shares of the company. Other notable shareholders include VVS Laxman and Saina Nehwal.
Azad Engineering Share Price: Sachin Tendulkar's Investment Leads to a 20% Circuit Limit Up
Azad Engineering Share Price: Robust Surge Seen in Manufacturing Sector Company
Azad Engineering, a manufacturing sector company, witnessed a substantial surge in its shares on Tuesday. The company’s shares hit the upper circuit limit with a 20% gain, reaching a historic high of INR 854.30.
Boosted by Rolls-Royce Contract
The surge in the company’s shares comes on the heels of a 5.30% increase in the last trading session, attributed to securing sufficient orders from Rolls-Royce.
Sports Icons Invest in the Company
Prominent sports personalities, including Sachin Tendulkar, Saina Nehwal, VVS Laxman, and PV Sindhu, have invested in Azad Engineering. Sachin Tendulkar, in particular, has invested INR 5 crores in the company within the last 10 months.
Contract with Rolls-Royce for Seven Years
As per exchange information received on Monday, Azad Engineering has signed a seven-year contract with Rolls-Royce. Under this contract, Azad Engineering will manufacture essential engine parts for defense and military aircraft.
Company’s Recent IPO Offer
Azad Engineering had recently opened its Initial Public Offering (IPO) last month. The IPO price range was set between INR 499 and INR 524 per share. The company created lots of 28 shares each, requiring investors to commit a minimum of INR 14,672 due to this lot size.
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