Rs 4,500 crore order book: Nuclear and thermal power company bags new order worth Rs 452.48 crore from GE Steam Power GMBH
The stock is up by 40 per cent from its 52-week low of Rs 1,128.40 per share.
AZAD Engineering Limited has entered into a Long Term Supply Agreement with GE Steam Power GMBH, part of GE Vernova Power in Baden, Switzerland, to manufacture and supply intricate rotating and stationary Airfoils for the nuclear, industrial, and thermal power sectors. This agreement is designed to meet GE Vernova's global demands within power generation and essential industries, with the current phase of the contract valued at approximately USD 53.5 million (Rs 452.48 crore).
The company has launched a new 7,600 sq. mts. lean manufacturing facility in Tunikibollaram, Hyderabad, at its Centre of Excellence & Innovation Centre. This expansion aims to fulfil capacity commitments for GE Vernova’s Steam Power Services, strengthening their partnership. The inauguration was attended by senior leaders from both companies, including Azad Engineering's Chairman and CEO, Rakesh Chopdar. This facility marks a significant evolution for Azad Engineering since 2013, showcasing its journey to a world-class manufacturing centre through technological advancements and dedication to quality. The strategic investment will enhance Azad's manufacturing capabilities across sectors and is expected to create more jobs, further positioning India in global manufacturing.
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About the Company
Azad Engineering Ltd, founded in 1983, is a manufacturer of crucial components for the aerospace, defence, energy and oil and gas industries. Their expertise lies in creating highly engineered, complex and mission-critical parts like 3D rotating airfoils and blades for turbine engines, along with other vital components for gas, nuclear and thermal turbines. They supply these precision-forged and machined parts to leading global original equipment manufacturers (OEMs), including General Electric, Honeywell International, Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace and MAN Energy Solutions SE.
The company has a market cap of over Rs 10,000 crore and as of September 30, 2024, the company has an order book worth Rs 4,500 crore. The stock’s 52-week high is Rs 2,080 per share and its 52-week low is Rs 1,128.40 per share. The stock is up by 40 per cent from its 52-week low of Rs 1,128.40 per share.
Disclaimer: The article is for informational purposes only and not investment advice.