On Monday’s early trade, the shares of India’s largest manufacturer of industrial explosives rose up to 3.5 percent to Rs 5,320.40 per share after the company received an order for Rs 1,853 crore from Coal India Limited.
At 10:35 a.m., Solar Industries India Ltd shares were trading at Rs 5,201.15, up Rs 56.85 or 1.09 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 47,091 crore.
According to the company’s exchange filing, Solar Industries received an order worth Rs 1,853 Crores from Coal India Limited for the supply of Bulk Explosives, to be delivered over a period of two years.
The company shares have gained 40 percent in the last six months and 30 percent in the last year.
Solar Industries India’s revenue has increased by 4 percent yearly, from Rs 1,615 crore in Q1FY23 to Rs 1,682 crore in Q1FY24. In the same time frame, the company’s net profit climbed by 10 percent, from Rs 182 crore to Rs 201 crore.
The Company’s return on equity increased from 23.05 percent in FY22 to 29 percent in FY23, while the return on capital employed rose from 27.49 percent to 35.02 percent during the same period.
According to the recent shareholding pattern, the company promoters hold 73.15 percent of the company, while Foreign institutional investors hold 5.79 percent and domestic institutional investors hold a 15.01 percent stake.
Solar Industries is a global leader in the manufacture of bulk explosives, packaged explosives, and initiating systems. The company sells its products to public and private sector companies such as Coal India Limited and its subsidiaries, Steel Authority of India Limited and Hindustan Zinc Limited.
Written by Omkar Chitnis
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