Recently listed stock that is engaged in manufacturing & supplying key components to the aerospace, defence sector, and many key sectors, which had an investment from Sachin Tendulkar jumped 5 percent after Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) picked a stake in the company.
At 2:45 p.m the shares of Azad Engineering Limited were trading at Rs. 690.95, up 2 percent from its previous day’s close price of Rs. 677.50 and its market capitalization is Rs. 4,090 Crores.
Sovereign wealth fund Abu Dhabi Investment Authority has picked 3.98 lakh equity shares, or 0.67 percent of paid-up equity, in the high-precision forged and machined components maker at an average price of Rs 719.9 per share, which amounted to Rs 28.65 crore
Azad Engineering is a manufacturer & supplier of key components to Original Equipment Manufacturers in the energy, Aerospace, Defense, and Oil & gas space.
It has a global presence and supplies to various OEMs in countries like the USA, China, Europe, Japan, and the Middle East. Azad’s Marquee customers are Honeywell International, Mitsubishi Heavy Industries, General Electric, Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE
Azad Engineering Limited was recently listed on the Indian Stock Exchanges on December 28, 2023, at Rs. 720 with a premium of 37 percent from its issue price of Rs. 524 per equity share. As per reports Several famous sports personalities including Sachin Tendulkar, PV Sindhu, VVS Laxman, and Saina Nawal, had invested in the company before it was listed.
The company’s revenue from operations grew 29.42 percent from Rs. 194.47 Crores in FY22 to Rs. 251.68 Crores in FY23, accompanied by profits of Rs. 29.46 Crores to Rs. 8.47 Crores.
Written by: Bharath K.S
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