Setting aside the high volatility and continued FII selling in the bourses, shares of the city-based Solar Industries India Limited on Thursday closed at an all time high of Rs 10,114 a piece taking the company’s total market capitalisation to a record high of Rs 91,526 crore. With this, the promoters’ - Satyanarayan Nuwal and his family - stake propelled to a new high of Rs 67,729 crore. Satyanarayan Nuwal and his family own approximately 74 per cent stake in the company. The share price jumped over five per cent in the morning session on Tuesday, after the company reported its highest-ever net profit in the March quarter. The shares continued its upward trend to finally reach its new high of Rs 10,114 on Thursday.

 

The company’s net profit rose 10 per cent to Rs 243 crore for the three months ended March, up from Rs 221 crore for the same quarter in the year-ago period. On September 25, 2023, the shares were trading at a price of Rs 4,612.55 which went up to Rs 10,114 on Thursday, a jump of more than double in less than 8 months. Solar Group of Industries, comprising Solar Industries India Limited and Economic Explosives Limited is engaged in development and production of ammunition and defence systems. Under the leadership of Chairman of the company Satyanarayan Nuwal, Solar Industries has taken a number of initiatives towards weaponisation of drones, developing variants of Loiter Munitions (LM), Counter Drone Systems, Drone-based Mine Detection and Disposal System, etc.

 

The group set up a subsidiary in the name of Economic Explosives Ltd (EEL) in 2010 and started manufacturing for the defence and aerospace sector. Spread over 2,000 acres, it is the largest and most modern development and manufacturing facilities for ammunition and defence systems in the private sector. The company also established facilities for making modern grenades, mines, a wide range of munitions and its components viz. propellant, propulsion systems, warheads and fuses for rockets, missiles, air bombs, etc. The group has developed manufacturing capacities for more than 20 munitions for the country’s armed forces, most of which are being currently imported.