Shares of Azad Engineering Ltd rallied 5% to hit the day’s high of Rs 1,601.90 on 27th March, after the company announced it had signed an 8-year long-term contract and price agreement with Mitsubishi Heavy Industries (MHI), Japan, to supply complex hot-section nozzle vane segments for gas turbine engines.

The company said it has been chosen as a single-source supplier. This marks a shift from making cold-section parts to high-value hot-section components.

This move strengthens Azad Engineering’s partnership with MHI, a global turbine manufacturer, expanding its role in the supply chain.

The components will be produced at MHI’s dedicated lean manufacturing facility. This facility makes advanced gas turbine platforms used in global power markets.

The company called the deal a milestone, as it enters critical and high-precision turbine manufacturing segments.

At 12:02 PM, shares of Azad Engineering were trading 2.14% higher at Rs 1,504.70 on the NSE.

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