This defence stock moved up by 2.5% in the market after a day, the DAC approved a proposal worth Rs. 7800 crore to increase the efficiency of Indian Armed Forces.
Share prices of Solar Industries opened at Rs. Rs. 4,499 levels. It reached its 52- week high of Rs. 4615.5 before the first half on Friday.
On 24th August 2023, the Defence Acquisition Council (DAC) approved the proposal worth Rs. 7,800 crore which was to increase the capabilities and effectiveness of Indian Armed Forces. Under this proposal, the DAC has granted Acceptance of Necessity(AoN) for two major decisions.
To procure and install Electronic Warfare( EW) Suite on Mi- 17 V5 helicopters under buy category and to procure ground- based autonomous systems for armoured regiments and mechanised infantry. Such decisions will be the beginning of upcoming operations such as delivery of logistics, unmanned security surveillance and casual evacuation during war.
“Proposals for procurement of 7.62×51 mm Light Machine Gun (LMG) and Bridge Laying Tank (BLT) have also been given go ahead by the DAC. While induction of LMG will enhance fighting capabilities of infantry forces, the induction of BLT will result in faster movement of mechanised forces,” the ministry said in a statement on Thursday.
The company’s financial results for Q1FY24 have lower figures compared to the last quarter. The revenue for the June quarter is Rs. 1,628.21 crore, a fall of 12.77% from Rs. 1,928.54 crore in the previous quarter. Its net profit for this quarter stands at Rs. 206.1 crore which is decreased by 4.22% from Rs. 197.41 crore in the previous quarter. However, its net profit margin has increased by 4.72% to 11.99% for this quarter.
Solar Industries India Limited is a manufacturing company with a wide range of industrial explosives and explosive initiating devices and systems. It is a non- government company, established back in the year of 1995.
Written by Bhumika Khandelwal
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