Solar Industries India Ltd. announced on Monday that the company and its subsidiary has received exports orders worth Rs 2,039 crore from international clients. The orders pertain to the supply of defence products, it said.
The orders are to be fulfilled over a four-year period, Solar Industries said in a regulatory filing.
The announcement did not disclose the identity of the international client, nor did it specify the exact nature of the defence products involved.
The company confirmed that there are no conflicts of interest regarding the awarded contracts, clarifying that the promoter group has no stake in the entity granting the orders.
Earlier on Nov. 4, Solar Industries had secured an export order worth Rs 399.4 crore for supply of defence products. The contracts, also awarded by an international client, are set to be fulfilled over a three-year period.
Shares of Solar Industries closed 1.32% lower to Rs 10,540.65 apiece, compared to 0.6% advance at the benchmark NSE Nifty 50 on Monday. It has risen 70.32% in the last 12 months and 56.68% on a year-to-date basis.
Two out of the five analysts tracking the company have a 'buy' rating on the stock, while three recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.5%.
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