New order boosts Solar Industries

Solar Industries India rose 3.63% to Rs 3,194.15 at 12:47 IST on BSE after the company secured an order worth Rs 443.44 crore from Singareni Collieries Company for supply of explosives.

The announcement was made during market hours today, 10 June 2016.

Meanwhile, the S&P BSE Sensex was up 41.05 points or 0.15% at 26,804.51.

On BSE, so far 2,231 shares were traded in the counter as against average daily volume of 1,541 shares in the past one quarter. The stock hit a high of Rs 3,299.20 and a low of Rs 3,078 so far during the day. The stock had hit a record high of Rs 4,324 on 16 July 2015. The stock had hit a 52-week low of Rs 2,850 on 29 February 2016. The stock had underperformed the market over the past one month till 9 June 2016, sliding 7.91% compared with Sensex's 4.18% rise. The scrip had also underperformed the market in past one quarter, declining 0.89% as against Sensex's 7.94% rise.

The mid-cap company has equity capital of Rs 18.10 crore. Face value per share is Rs 10.

The latest order from Singareni Collieries Company (SCCL) is for the supply of about 1.63 lakh metric tonne of explosives for the financial years 2016-17 and 2017-18.

On consolidated basis, Solar Industries India's net profit rose 20.2% to Rs 48.22 crore on 10.8% growth in net sales to Rs 428.84 crore in Q4 March 2016 over Q4 March 2015.

Solar Industries India manufactures and exports civilian explosives and detonators.

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