Share price of this small-cap stock moved up by nearly 2.51% on BSE to Rs. 1,249 in the morning trading session of March 14th, compared to its previous close of Rs. 1,218.3, after the company signed a 7-year contract worth approx. Rs. 290 crore.
With a market capitalisation of Rs. 7,361.05 crores, at 11:25 a.m. the share price of Azad Engineering Limited was trading in the green at Rs. 1,240, up by 1.78 percent.
In the last six months, Azad Engineering Limited has delivered positive returns of about 83.2 percent and nearly 81.5 percent, so far in 2024.
According to the recent filings with the stock exchanges, Azad Engineering has signed a strategic contract with the Steam Power business of GE Vernova.
The agreement signed by the company is for the supply of high-complex rotating airfoils for the Nuclear, Industrial and Thermal power industry.
The contract is worth about Rs. 290.09 crore (or $35 Million) for a period of 7 years.
In terms of financials, the revenue from operations of the company grew by nearly 7.2 percent QoQ from Rs. 83 crore in Q2 FY23-24 to Rs. 89 crore in Q3 FY23-24.
However, the net profit of the company decreased by around 10.5 percent QoQ from Rs. 19 crore in Q2 FY23-24 to Rs. 17 crore in Q3 FY23-24.
As of December 2023, FIIs hold 4.68 percent of the shares, whereas DIIs hold 5.71 percent of the shares in the company, aggregating to 10.39 percent of the institutional holdings.
Azad Engineering Limited is engaged in the manufacturing of the aerospace and defence, energy and oil and gas industries, manufacturing highly engineered, complex and mission and life-critical components.
Written by Shivani Singh
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