Solar Industries India rose 2.68% to Rs 1094.75 after the company said its subsidiary received a contract worth Rs 409 crore from the Ministry of Defense, Government of India.
Economic Explosives, a wholly-owned subsidiary of Solar Industries India, signed a contract on 1 October 2020 with Ministry of Defense, Government of India. The contract is for supplying 10 lakh pieces of multi-mode hand grenade (MMHG) having an approximate value of Rs 409 crore. The contracted quantity is to be delivered over a period of two years.Shares of Solar Inds have surged almost 6% in two trading days. The stock is up 42% from its 52-week low of Rs 772.05 reported on 23 March 2020.
Solar Industries India manufactures and exports civilian explosives and detonators. Its consolidated net profit fell 40.4% to Rs 43.97 crore on a 20.8% decline in net sales to Rs 491.14 crore in Q1 June 2020 over Q1 June 2019.
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