New Delhi, Sept. 29 -- Shares of Azad Engineering, a leading manufacturer of aerospace components and turbines, rose 4.5% to Rs.1626 apiece in early trade on Monday, September 29, after the company signed a new long-term contract and price agreement with Mitsubishi Heavy Industries Limited (MHI), Japan.

Post-market hours on Friday, the company announced that it had entered into a contract with MHI for the supply of highly engineered and complex rotating and stationary airfoils for advanced gas and thermal power turbine engines. These components will support MHI's global demand in the power generation industry. The contract is valued at Rs.651 crore.

This agreement is incremental to the earlier contract signed on November 3, 2024. Termed...