Shares of Azad Engineering plummeted around 11% in opening trade on June 6 after a block deal worth ₹780 crore hit the counter.
As many as 48 lakh shares, representing a 7.4 % stake in the engineering company were sold through the block deal. The transaction was executed at an average price of ₹1,640 apiece, reflecting a 6.5% discount from the last close.
Buyers and sellers involved in the transaction could not be immediately identified. However, the block deal did trigger a sharp spike in trading volumes in the counter. As many as 92 lakh shares changed hands in the initial half an hour of trade, already a meteoric spike as compared to one-month daily traded average of just four lakh shares.
At 10.01 am, shares of Azad Engineering were trading at ₹1,612 on the NSE, though off its highs, but still deep in the red.
As for its Q4 earnings, Azad Engineering not only delivered strong growth across its key segments but also exceeded its own revenue guidance for FY24-25.
In Q4, revenue jumped 36.9% year-on-year to ₹126.9 crore, while Ebitda surged 45.8% to ₹45.5 crore, with margins improving to 35.9% from 33.7%. Net profit grew sharply by 69% to ₹25.2 crore.
The company also marked a milestone by posting its highest-ever quarterly and annual revenue, driven by robust operational efficiency and disciplined cost management, highlighting the benefits of scale and strategic execution.
