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Solar Industries Attains Record Orders from Coal India, Stock Hits All-Time High

  • Posted on October 9, 2023
  • Business
  • By Arijit Dutta
  • 368 Views

Shares of Solar Industries India Ltd. reached an all-time high, surging by four percent to Rs 5,359.95. This surge followed the company securing its largest-ever orders, valued at Rs 1,853 crore, from state-owned Coal India Ltd. for the provision of bulk explosives. The substantial order will be fulfilled over a span of two years, as stated in Solar Industries' filing to the stock exchanges.

Solar Industries Attains Record Orders from Coal India, Stock Hits All-Time High

Topic: https://economictimes.indiatimes.com/ 

Shares of Solar Industries India Ltd. reached an all-time high, surging by four percent to Rs 5,359.95. This surge followed the company securing its largest-ever orders, valued at Rs 1,853 crore, from state-owned Coal India Ltd. for the provision of bulk explosives. The substantial order will be fulfilled over a span of two years, as stated in Solar Industries' filing to the stock exchanges.

Established in 1995 by Satyanarayan Nuwal, Solar Industries India initially dealt in the trade of industrial explosives before venturing into manufacturing. In its early stages, the company primarily supplied explosives to publicly-owned coal mines.

During the annual general meeting (AGM) in June, tensions between the company's top executives, Satyanarayan Nuwal and Kailash Chandra Nuwal, led to the rejection of four special resolutions out of nine presented. Despite this internal discord, five ordinary resolutions were passed.

In the June quarter, Solar Industries reported a noteworthy 10% year-on-year surge in net profit, reaching Rs 202 crore, compared to Rs 183 crore in the previous year's corresponding period. Moreover, the company experienced a 4% year-on-year rise in revenues, reaching Rs 1,682 crore by June 30, 2023, up from Rs 1,616 crore in the same period of the previous year.

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Currently, Solar Industries holds an order book worth Rs 2,678 crore, which encompasses a defense order segment amounting to Rs 1,054 crore. Market expert Prakash Diwan emphasized the company's robust growth potential, justifying the relatively high P/E valuations. He highlighted a consistent 20% increase in order size over the last five orders, indicative of the company's substantial expansion.

As of now, Solar Industries' shares are trading at Rs 5,210.60, representing a 1.1 percent increase. Impressively, the stock has witnessed a remarkable 20 percent surge in value over the course of 2023. The company's substantial growth, bolstered by its record orders, positions Solar Industries as a notable player in the explosives market.

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