Azad Engineering shares crack 8% as stock worth Rs 730 crore exchanged in block deal

During the month of May, Azad Engineering has signed a six-year long-term supply agreement with GE Vernova Power, part of GE Steam Power GmbH, to manufacture and supply precision components for the global power sector.

The contract, valued at approximately Rs 452.5 crore (around $53.5 million), covers the supply of highly engineered rotating and stationary airfoils. These components are critical for advanced nuclear, industrial, and thermal power applications and will cater to GE Vernova’s global demand from its base in Baden, Switzerland.

In January, the company announced it had penned a long-term supply agreement with US-based GE Vernova International to deliver complex rotating and stationary airfoils for advanced gas turbine engines.

In a regulatory filing, it said that this is a six-year contract worth $112 million (approximately Rs 960 crore) with GE Vernova, a significant step in strengthening its position in the advanced gas turbine engine market. These critical components aim to meet the evolving demands of the global power generation industry.

Over the past year, shares of the firm has gained around four percent. However, over the past six months, the stock has fallen eight percent.

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