Shares of Solar Industries Ltd rose over 7% today after the company won export orders worth Rs 455 crore for supply of products over next two years for use in defence products. Solar Industries shares gained 7.42% to Rs 8,089 against the previous close of Rs 7,530 on BSE.
The two-year contract is for the supply of products for use in defence products. The company did not mention the name of the client from which it won the orders.
Market cap of the firm rose to Rs 69,776 crore. Total 0.28 lakh shares of the firm changed hands amounting to a turnover of Rs 21.91 crore on BSE. The stock had a beta of 0.4, indicating very low volatility in the last one year.
The defence sector stock hit an all-time high of Rs 8,499 on November 22, 2023. It fell to a 52-week low of Rs 3456.95 on July 11, 2023.
Solar Industries India reported a marginal fall in Q3 net profit to Rs 203.3 crore against Rs 204.6 crore in the December 2022 quarter.
Revenue fell to Rs 1,440 crore in the December 2023 quarter against Rs 1819 crore in the December 2022 quarter.
In terms of technicals, the relative strength index (RSI) of Solar Industries India stands at 62.3, signaling the stock is trading neither in the oversold nor in the 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. In a year, the stock has gained 105 per cent and risen 14.22 per cent this year.
About Solar Industries
Solar Industries is an India-based manufacturer of industrial explosives for the mining and infrastructure sector. The company offers industrial explosives and defence products.