Multibagger Azad Engineering stock jumped 8%

Business: Shares of Azad Engineering, a leading aerospace component and turbine manufacturer, jumped 8% in today’s session, hitting ₹1,624 per share. The rally came after global brokerage firm Investec initiated coverage on the stock with a ‘buy’ rating and set a target price of ₹1,850, indicating a potential upside of 23% from Tuesday’s closing price. Investec highlighted that Azad Engineering is the only Indian company to provide 3D airfoils to global OEMs, emphasising the high entry barriers within the industry. The brokerage forecasts a 40% CAGR growth in Azad’s profit after tax (PAT) over FY2024-2027 due to recent order wins, diversification and low finance costs.