 "Azad Engg locked in 5% upper limit on order win from Siemens Energy Global")
Azad Engg stock hits upper circuit: Shares of Azad Engineering were locked in the 5 per cent upper circuit at Rs 1,779.75 per share in intraday deals on the Bombay Stock Exchange (BSE) on Friday.
The rise in the share price came after the company announced that it has secured an order for 5 years from Siemens Energy Global GmbH & Co. KG, Germany.
In an exchange filing, Azad Engineering said, “It is informed that Azad Engineering Limited has received an Award for a tenure of 5 years from Siemens Energy Global CmtH & Co. KG, Germany to manufacture and supply critical rotating components for their Global demands of Advanced Gas & Thermal Turbine Engines.”
According to the order details, Azad Engineering will be responsible for manufacturing and supplying critical rotating components for Siemens Energy's global demands of advanced gas & thermal turbine engines.
Set up in 1983, Azad Engineering Limited specialises in manufacturing aerospace components and turbines for diverse industries including aerospace, defence, energy, and oil and gas.
The company's products are characterised by their high engineering standards, complexity, and critical mission roles.
Also Read
As of September 30, 2023, Azad Engineering reported revenues of Rs 114.2 crore primarily from the sale of energy industry blades. Its customer base spans across key markets such as the USA, China, Europe, the Middle East, and Japan.
Headquartered in Hyderabad, Telangana, India, Azad Engineering operates four advanced manufacturing facilities with a combined production area exceeding 20,000 square metres.
The company is expanding its operations with plans to establish two additional manufacturing units in Telangana: one in Tuniki Bollaram village, Siddipet district, covering 94,898.78 square metres, and another in Mangampet village, Sangareddy district, spanning 74,866.84 square metres.
The market capitalisation of Aza Engineering is Rs 10.520.63 crore. The company falls under the SmallCap category.
The 52-week high of the stock is Rs 2,080 per share while its 52-week low is Rs 641.95 per share.
At 9:48 AM, the shares continued to remain locked in the 5 per cent upper circuit. In comparison, BSE Sensex was trading 0.31 per cent higher at 80,143.96 levels.