Shares of Azad Engineering jumped over 7% on Monday after it announced a major order from GE Vernova. The stock gained 7.7% on the NSE to close at ₹1,659 per share.
Azad Engineering has signed a long-term supply agreement with GE Steam Power GmbH through its GE Vernova Power business based in Baden, Switzerland. The agreement is for the manufacture and supply of highly engineered and complex rotating and fixed airfoils for advanced nuclear, industrial and thermal power industries, meeting the global demand for GE Vernova in power generation and essential industries.
This current phase of the contract, valued at approximately ₹452.48 crore, is a strong step towards strengthening its everlasting strategic relationship with GE Steam Power GmbH. The order is to be executed within 6 years.
Azad Engineering is one of the leading manufacturers of its qualified product ranges in the Aerospace & Defense, Energy and Oil & Gas industries, manufacturing highly engineered, complex and mission and life-critical components.
