Shares of Azad Engineering shot up sharply in early trade after the company made the major announcement.
What Happened: The company on Monday announced bagging a long-term contract from Rolls Royce PLC. The order is for the production and supply of critical engine parts for Defence / Military Aircraft engines. The contract is for seven years.
The company is not the famous British luxury car maker. That company is a subsidiary of BMW. Rolls-Royce Plc specializes in designing, manufacturing, and servicing integrated power systems for aerospace, land, and marine applications. Operating through segments like Civil Aerospace, Power Systems, and Defense, it offers engines, components, and aftermarket support for commercial and military clients globally.
Shares of the newly listed company jumped up sharply after the announcement was made at around 12:25 pm. Azad Engineering’s share price jumped up 10% and hit a new all-time high of ₹745.90. The stock made its debut on the stock exchanges on December 28 at ₹720. Sachin Tendulkar owns around 4.5 lakh shares of the company. VVS Laxman and Saina Nehwal are also among the shareholders of the company.
Price Action: Azad Engineering’s share price was up 7.82% to trade at ₹729 on Monday afternoon.
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