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This defense share can reach over 1400, the company made a big deal, Sachin Tendulkar has 4.5 lakh shares

Azad Engineering Limited today announced a major deal on Wednesday. The stock closed down 4% at 1298.15. However, it was up more than 1% intraday. Importantly, the shares of Azad Engineering were listed on BSE and NSE in December 2023.
2 Month ago

Azad Engineering Limited today announced a major deal on Wednesday. The company said on Wednesday that it has signed an agreement with Nuovo Pignon SRL for the supply of components for the oil and gas sector. Let us tell you that today the share of Azad Engineering Limited decreased by 4% to close at 1298.15. However, it was up more than 1% intraday.

Azad Engineering informed the stock exchange in a March 6 filing. The machine component maker has signed a long-term strategic suppliers deal with Baker Hughes' Nuovo Pignon SRL. The contract relates to the supply of critical and critical components for the oil and gas sector.

The company said that the deal is for the next 5 years. Let us tell you that Azad Engineering manufactures highly engineered precision forged and machined components for the energy, aerospace and defense, oil-gas industries. The company's shares were listed in 2023.

The Hyderabad-based company reported a net profit of Rs 3.83 crore in the same quarter a year ago

Let us tell you that the net profit of Azad Engineering increased more than three times to Rs 16.8 crore in December 2023. The Hyderabad-based company had reported a net profit of Rs 3.83 crore in the same quarter a year ago. In the third quarter of the current financial year, the company's revenue increased by 49 percent year-on-year to Rs 89.23 crore.

A year ago the revenue of the company was 68.8 crores. Azad Engineering reported a net profit of Rs 43.65 crore for the nine months ended December 31, 2023. The company had reported a net loss of Rs 6.35 crore in the year-ago period.

Many celebrities stake

Let us tell you that the shares of Azad Engineering were listed on BSE and NSE in December 2023. The shares had a good start in the stock market. Its shares traded on the NSE at Rs. 720 was listed. It is Rs. 524 per share at a premium of 37.40 per cent to the price band.

While, on the BSE, shares of Azad Engineering traded at Rs. 710 was listed. It was at a premium of 35.50 per cent to its issue price. Sachin Tendulkar owns around 4.5 lakh shares of the company. The shareholders of the company also include VVS Laxman and Saina Nehwal.

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