Shares of multibagger Solar Industries India Ltd rose to a record high in early deals on Wednesday. Solar Industries India shares gained 3.62% to Rs 6153.75 in the current session on BSE. Market cap of the defence firm rose to Rs 55,407 crore. Total 2307 shares of the firm changed hands amounting to a turnover of Rs 1.40 crore on BSE. The stock had a beta of 0.2 in the last one year, indicating very low volatility.
The stock has gained 50 per cent in a year and risen 38.18 per cent this year.
In terms of technicals, the relative strength index (RSI) of Solar Industries India stands at 74.6, indicating that the stock is trading in the highly overbought zone.
Solar Industries India shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has delivered multibagger returns of 495% each in three years and five years, respectively.
Solar Industries India reported a 13.43 percent year-on-year rise in Q2 net profit to Rs 200.1 crore for the September 2023 quarter against Rs 176.4 crore in the September 2022 quarter. However, consolidated revenue from operations fell to Rs 1355.2 crore in Q2 against Rs 1571 crore in the September 2022 quarter.
The firm reported the highest ever EBITDA margin of 24.95% in Q2 of this fiscal against 19.08% in the September 2022 quarter.
The defence firm reported a 10% rise in profit at Rs 202 crore in the June 2023 quarter against Rs 183 crore profit in the corresponding quarter of previous fiscal. Sales of Solar Industries rose 4% to Rs 1682 crore in Q1 against Rs 1616 crore in the June 2022 quarter. EBITDA climbed 14% to Rs 331 crore in Q1 against Rs 292 crore in the June 2022 quarter.
Solar Industries is an India-based manufacturer of industrial explosives for the mining and infrastructure sector. The company offers industrial explosives and defence products.
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