Azad Engineering shares jump 4% on Rs 452.48 crore long-term supply agreement with GE Steam Power GMBH
Azad Engineering shares surged by 4% in morning trade following the announcement of a significant milestone. The company has entered into a Long Term Supply Agreement with GE Steam Power GMBH, part of GE Vernova Power in Switzerland.
This partnership involves the manufacturing and supply of intricate rotating and stationary airfoils for the nuclear, industrial, and thermal power sectors. The current phase of the contract is valued at approximately USD 53.5 million (Rs 452.48 crore), aimed at fulfilling GE Vernova's global demands within power generation and essential industries.
In addition, Azad Engineering has inaugurated a state-of-the-art 7,600 sq. meter lean manufacturing facility in Tunikibollaram, Hyderabad. This new Centre of Excellence & Innovation Centre will support GE Vernova's Steam Power Services, marking a crucial step in strengthening their long-term collaboration. The facility's launch was attended by senior leaders from both companies, including Azad Engineering's Chairman and CEO, Rakesh Chopdar.
Azad Engineering shares are currently trading at ₹1,585.00, with a high of ₹1,649.90 and a low of ₹1,582.00 for the day. The stock has seen a 52-week high of ₹2,080.00 and a 52-week low of ₹1,159.45.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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