The IPO of Hyderabad-based smallcap company Azad Engineering came in March last year, after which its shares have seen a stormy rise. The IPO of this company opened with a price band of Rs 524, and was listed at Rs 710 per share. Since listing, the company’s shares have seen a tremendous rise and so far this year it has given a return of 129 percent.
Earlier this year, on January 1, 2024, the shares of Azad Engineering Company were at Rs 683.45, which closed at Rs 1573 on September 4, 2024. On Wednesday, its shares rose by about 8 percent and the shares reached Rs 1596.40 on BSE. However, these shares closed at Rs 1573. Now global brokerage firm Investec has advised to buy shares of Azad Engineering.
Apart from Sachin, many big names have invested
A large part of the shares of Azad Engineering is owned by former Indian star cricketer Sachin Tendulkar. Sachin Tendulkar had invested about Rs 5 crore in Azad Engineering on March 6, 2023. After the investment before the IPO and the stock split, Tendulkar had 438210 shares. The average cost of each share was Rs 114.1. Apart from Sachin, PV Sindhu, Saina Nehwal and VVS Laxman have also invested in the company.
This stock will cross Rs 1800
Global brokerage firm Investec has started coverage of Azad Engineering with a buy rating. The brokerage house has given a target of Rs 1850 for the company’s shares, which is a growth of 23 percent from the current price. The brokerage says that the company’s PAT (profit after tax payment) can grow at a CAGR of 40 percent from FY 2024 to FY 2027.
So much return in 1 year
Azad Engineering shares have given more than double the profit in the last one year. A year ago its shares were at Rs 677, which have now reached Rs 1,573. During this period, it has given a return of 132 percent to investors. Its 52-week high level is Rs 2080, while its 52-week low level is Rs 641.95.
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Source (PTI) (NDTV) (HINDUSTANTIMES)