Solar Industries receive order worth Rs 447 crore; stock gains 8 per cent

Solar Industries India and its subsidiary company Economic Explosives Ltd have received an order from the government-owned coal mining company, Singareni Collieries.

The said order is for the product explosive and initiating systems.  The order is worth Rs 447 crore and is expected to be delivered over a period of two years.

Reacting to this, the stock of Solar Industries India jumped more than 8.55 per cent today and made an intraday high of Rs 1,160 on BSE.

Solar Industries India manufactures explosive products, which are used across defense, infrastructure, and mining sectors. 

The company reported a consolidated net profit of Rs 43.97 crore in Q1FY21, which declined by 40.44 per cent YoY, as compared to Q1FY20 when it reported a profit of Rs 73.83 crore.

The stock has a 52-week high of Rs 1,350 and a 52-week low of Rs 772.05.

At 1.06 pm today, the share of Solar Industries India was trading at Rs 1,100 on BSE, up by 2.93 per cent.