From Rs 5 Cr to Rs 72 Cr: Master blaster Sachin Tendulkar's winning bet on Azad Engineering
Shares of Azad Engineering Limited surged nearly 5 per cent, reaching a 52-week high of Rs 2,080 each on the NSE on Thursday, June 20, after reports indicated strong growth prospects.?Founded in 1983, Azad Engineering manufactures aerospace components and turbines. Their clients include companies in the aerospace, defence, energy, and oil and gas sectors. The recent stock rally has been observed amidst the government¡¯s focus on defence exports.
Experts believe that the strong performance in defence stocks is boosting the shares of the Sachin Tendulkar-backed company. The stock has gained momentum after a long period of trading between Rs 1,300 and Rs 1,500.
On June 13, Defence Minister Rajnath Singh discussed the government's goal to increase defence exports, aiming for more than Rs 50,000 crore worth of exports by 2028-29. Since the announcement, the stock has risen over 21 per cent in the past week, now trading at a record high of Rs 2,080 each.
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Azad Engineering IPO
Azad Engineering's shares had a strong debut on the stock market on December 28, 2023, listing at Rs 720 each on the NSE, a 37 per cent premium over the issue price of Rs 524. On the BSE, the shares listed at Rs 710 each, a 35 per cent premium. The stock has increased nearly 189 per cent from its listing price and nearly 297 per cent from its issue price, reaching a 52-week high of Rs 2,080 on the NSE.
Sachin Tendulkar's Investment in Azad Engineering
Cricket legend Sachin Tendulkar invested Rs 5 crore in Azad Engineering in March of the previous year. Reports suggest that Tendulkar holds 3,65,176 equity shares of the company, purchased at Rs 136.92 each. His investment is now likely valued at approximately Rs 72.59 crore.
Meanwhile, the investments of sports stars Saina Nehwal, PV Sindhu, and VVS Laxman have tripled. According to the prospectus, their adjusted acquisition price was Rs 228.17 each, and they each hold 44,000 shares.
Azad Engineering shares pared their intraday gains and closed 2.41 per cent lower at Rs 1,934.1 each on the NSE.
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