India's Azad Engineering jumps after Investec starts coverage with 'buy'

Azad Engineering

04/09/2024 07:06

** Shares of Azad Engineering  AZAD.NS  jump 4.6%, biggest
intraday percentage gain in a month to 1577.8 rupees apiece
    ** Rise after Investec initiates coverage on the aerospace
and defense parts supplier with "buy"
    ** Investec sets a target price of 1,850 rupees on AZAD,
implying a 22.7% upside over the next 12 months
    ** AZAD is the only Indian company to offer 3D airfoils to
global OEMs, underscoring industry's strong entry barriers, says
Investec
    ** Estimates profit after tax (PAT) for AZAD to grow at 40%
CAGR over fiscal years 2024-2027, helped by recent order wins,
diversification and reduction in finance costs - Investec
    ** Adds, AZAD's performance since market debut inspires
confidence
    ** Shares of AZAD up 206% over its issue price of 524 rupees
since its listing on Dec. 28, 2023

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))