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Newly-listed Azad Engineering shares rallied 10% to hit a new 52-week high of Rs 729.4 in Monday's trade on BSE after the firm won a big order from Rolls-Royce for critical engine part supply for defence business. The stock was trading 7.6% higher at Rs 727.7 on BSE. The IPO of Azad Engineering received a good response from investors with 80.6 times subscription at close. The company is one of the key manufacturers of qualified product lines supplying global original equipment manufacturers in the aerospace and defence, energy, and oil and gas industries.

"Strong collaboration has been at the heart of Rolls-Royce's journey of success in India. As we work towards strengthening the defence ecosystem, we are happy to expand our supply chain in India in partnership with Azad Engineering," Rolls-Royce Executive Vice President Business Development and Future Programmes and Head of Global Networks, Alex Zino, said.

Under the long-term agreement, Hyderabad-based Azad Engineering will manufacture and supply complex components for defence aircraft engines and thus join the global supply chain for complex category components for Rolls-Royce's technologically advanced aero-engines, the company said in a statement.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

After the announcement, shares of the company hit an all-time high on the BSE on Monday at Rs 736.5 apiece.