Azad Engineering surge 5% to hit 52-week; Sachin Tendulkar portfolio stock rises nearly 300% from IPO price

Azad Engineering, incorporated in 1983, is engaged in manufacturing aerospace components and turbines. The company’s clientele includes players in the aerospace, defence, energy, and oil and gas industries. The recent rally in the stock has been witnessed amid the government’s focus on defence exports.

Experts believe that a strong defence play and momentum in defence stocks is pushing the Sachin Tendulkar-backed company’s shares. The stock has gained momentum after a long consolidation in the ₹1,300-1,500 levels, according to experts.

Defence Minister Rajnath Singh discussed the government's target to increase its defence exports earlier this month, on June 13. The Minister said that the government is targeting the export of more than ₹50,000 crore worth of defence equipment by 2028-29. Since the defence export target was announced, the stock has gained over 21% in the past week and is trading at a record high of ₹2080 apiece.

Azad Engineering IPO

Shares of Azad Engineering made a strong D-street debut on December 28, 2023, as it listed with 37% premium at ₹720 apiece on the NSE against issue price of ₹524. The engineering company’s shares listed at a price of ₹710 apiece on the BSE, with a premium of 35%. The stock has zoomed nearly 189% from its listing price and nearly 297% from its issue price to trade its 52-week high of ₹2,080 on the NSE.

Sachin Tendulkar gains from investment in Azad Engineering

Cricket legend Sachin Tendulkar made an investment of ₹5 crore in Azad Engineering, earlier last year in March. Reports suggest that Tendulkar holds 3,65,176 equity shares of the company, purchased at ₹136.92 apiece. His investment in the company is likely to be currently valued at ₹72.59 crore approximately.

Shares of Azad Engineering pared the intraday gains and closed 2.41% lower at ₹1,934.1 apiece on the NSE.