Shares of Azad Engineering skyrocketed 14% on 4 November after the company announced signing a contract worth Rs 700 crore with Mitsubishi Heavy Industries.

In its regulatory filing, the company said, “We hereby inform you that Azad Engineering Limited has signed Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries Limited, Japan (MHI) for supply of highly engineered & complex rotating and stationary Airfoils for Advanced Gas & Thermal power turbine engines to meet their global demand in the power generation industry.” 

The company added that this phase of the contract is worth Rs 700 crore ($82.89 million) and is a strong step towards concreting their ever-growing relationship with Mitsubishi Heavy Industries Limited, Japan. 

The order has to be executed in a period of 5 years. 

Earlier on 24 September, the company secured another international order worth $16 million from US-based Honeywell Aerospace ISC to manufacture and supply highly complex components to meet the global demand in the Aviation industry. 

Azad Engineering is a top manufacturer of precision components for global OEMs across the aerospace, defense, energy, and oil and gas sectors. The company focuses on producing highly engineered, complex parts, often adhering to a stringent zero defects standard.

In aerospace and defense, Azad Engineering supplies airfoils, blades, and essential parts for engines, APUs, hydraulic systems, flight controls, and fuel and inerting systems for commercial and military aircraft, as well as key components for missiles and spacecraft.

At 11:31 am, the shares of Azad Engineering were trading 9.38% higher at Rs 1,598.90 on NSE.

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