Solar Industries rallies 7% on signing new contract worth of Rs 409 crore

The company has signed a contract worth of Rs 409 crore to supply 1 million pieces of multimode hand grenade to the Ministry of Defence

Shares of Solar Industries rallied 7 per cent to Rs 1,143 in the intra-day trade on the BSE on Monday after the company signed contracts worth of Rs 409 crore to supply 1 million pieces of multimode hand grenade to the Ministry of Defence.

"Economic Explosives Ltd, wholly owned subsidiary of Solar Industries India, has signed a contract for supply of Multi-Mode Hand Grenade (MMHG) with Ministry of Defense, Government of India," Solar Industries said in a regulatory filing.

The contract is for supply of "Ten Lac" pieces having an approximate value of Rs 409 crore. The contracted quantity is to be