Solar Industries rises as its arm bags contract worth Rs 6084 crore from Ministry of Defence
Solar Industries is currently trading at Rs. 9134.30, up by 55.25 points or 0.61% from its previous closing of Rs. 9079.05 on the BSE.
The scrip opened at Rs. 9169.80 and has touched a high and low of Rs. 9230.00 and Rs. 9101.00 respectively. So far 888 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 13300.00 on 11-Jul-2024 and a 52 week low of Rs. 6551.00 on 20-Feb-2024.
Last one week high and low of the scrip stood at Rs. 10074.85 and Rs. 8951.85 respectively. The current market cap of the company is Rs. 82817.40 crore.
The promoters holding in the company stood at 73.15%, while Institutions and Non-Institutions held 20.01% and 6.84% respectively.
Solar Industries India’s wholly owned subsidiary -- Economic Explosive (EEL) has inked contracts with Ministry of Defence for supply of Area Denial Munition (ADM) Type-1 (DPICM) and High Explosive Pre-Fragmented (HEPF) Mk-1 (Enhanced) rockets respectively for PINAKA Multiple Launcher Rocket System (MLRS). The contract is valued at Rs 6084 crore and to be executed in 8 to 15 years with 86% of the contract is to be executed within 10 years.
Defence Research and Development Organisation (DRDO) has nominated EEL as production agency for all the variations of Pinaka Rocket System. This contract will not only drive revenue growth of defence products, but also open new opportunities and establish the company’s prominence in indigenous defense manufacturing.
Solar Industries India is a Dynamic & Energetic company that continues to grow sustainably over the years.
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