Solar Industries Share Price Rises After Bagging Rs 2,150-Crore Export Orders

Solar Industries India Ltd.'s shares rose after receiving export orders worth Rs 2,150 crore on Feb. 28. The orders are for supply of defence products.

The orders came from international clients, the company told exchanges in a regulatory filing, without naming them. It is to be delivered over a period of six years.

Earlier this month the company's subsidiary Economic Explosive Ltd. received an order worth Rs 6,084 crore from the Ministry of Defence. The order included supply of Area Denial Munition Type-1 and High Explosive Pre-Fragmented Mk-1 (Enhanced) rockets respectively for PINAKA Multiple Launcher Rocket System.

The company reported a 55% jump in net profit at Rs 314.87 crore for the third quarter that ended in December. The revenue saw an uptick of 38.1% to Rs 1,973.08 crore. Ebitda rose 48% to Rs 526.54 crore. Margin for the quarter stood at 26.7% against 24.9%.

Solar Industries stock rose as much as 1.95% during early trade on Wednesday to Rs 9,214.9 apiece on the NSE. It was trading 0.99% higher at Rs 9,127.9 apiece, compared to a 0.57% advance in the benchmark Nifty 50 as of 9:36 a.m.

It has risen 18.61% in the last 12 months. The relative strength index was at 50.18.

Four out of five analysts tracking the company have a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The 12-month analysts' consensus target price on the stock was Rs 11,527, implying a upside of 26.7%.