Shares of Solar Industries India Ltd. surged over 10% on Tuesday after it received orders worth Rs 2,039 crore for the supply of defence products.
Solar Industries and its subsidiary have received export orders worth Rs 2,039 crore from an international entity, which will be delivered over four years, it said in an exchange filing on Monday.
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.
Solar Industries Share Price Today
Solar Industries stock rose as much as 10.02% during the day before paring gains to trade 3.38% higher at Rs 10,897 apiece as of 10:12 a.m. This compares to a 0.29% advance in the benchmark Nifty 50.
It has risen 80% during the last 12 months and has advanced by 61% on a year-to-date basis. Total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 58.
Two of the five analysts tracking the company have a 'buy' rating on the stock, and three suggest a 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 5.5%.
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