Solar Industries rises as its arm enters into MoU with Government of Maharashtra
Solar Industries is currently trading at Rs. 9608.15, up by 69.60 points or 0.73% from its previous closing of Rs. 9538.55 on the BSE.
The scrip opened at Rs. 9619.95 and has touched a high and low of Rs. 9627.45 and Rs. 9450.00 respectively. So far 380 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. 6275.00 on 02-Feb-2024.
Last one week high and low of the scrip stood at Rs. 9812.50 and Rs. 9085.90 respectively. The current market cap of the company is Rs. 85719.87 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’ wholly owned subsidiary -- Economic Explosives (EEL) has entered into Memorandum of Understanding (MoU) with the Government of Maharashtra, India, on January 22, 2025, in Davos, Switzerland to establish an Anchor Mega Defence and Aerospace Project (Proposed project) in Nagpur.
The proposed project having investment of around Rs 12700 core involves expansion of certain defence products such as Drones and UAVs, Counter Drone systems, energetic materials, New Generation Explosives etc. and new products such as Military transport Aircraft.
The Government of Maharashtra will facilitate Economic Explosives to obtain necessary permissions / registrations / approvals /clearances/ fiscal incentives etc. from the concerned departments of the State, as per the existing policies / rules and regulations of the Government of Maharashtra for the proposed project.
Solar Industries is one of the largest domestic manufacturer and supplier of bulk and cartridge explosives, detonators, detonating cords, and components.
