Solar Industries India Ltd shares rallied more than 9% on Tuesday, December 3, after the company said it has bagged a supply order worth ₹2,039 crore for defence products.
The stock opened higher and rose further 9.54% to hit an intraday high of ₹11,549 per share on the BSE in morning deals. Shares of the company later pared some of the gains to trade to 5.16% higher at ₹11,086.30 apiece at 9.36 am.
Solar Industries in an exchange filing said that the company and its subsidiaries have received export orders worth ₹2,039 crore for supply of defence products.
The supply orders bagged from international clients would be fulfilled over a period of four years, the filing stated.
Solar Industries, a leading producer of industrial explosives and explosive initiating devices, last month announced bagging supply orders of around ₹1,800 crore for the supply of defence products.
These included a supply order of ₹887 crore from state-run Singareni Collieries Company for the supply of LDC explosives, SME explosives, and initiating devices, to be delivered over two years.
The company last month announced a 27% jump in net revenue for the Second quarter of FY2024-25 to ₹1,716 crore compared to ₹1,347 crore in the year-ago period.
Its operating profit or EBITDA rose by 38% to ₹475 crore in the September quarter of the current financial year compared to ₹344 crore in the same quarter a year ago.
The company’s profit after tax (PAT) jumped 45% to ₹304 crore in the September quarter compared to ₹209 crore in Q2FY24.
It stated that its portfolio expansion, encompassing products from energetic materials to ammunition, received strong support from India’s defence contracts and export orders.
Content retrieved from: https://www.cnbctv18.com/market/solar-industries-share-price-surge-order-win-19518397.htm.
