Nagpur: The Nagpur-based Solar Industries India Limited (SIIL) witnessed a remarkable milestone as its shares closed at an all-time high of Rs 10,114 per share on Thursday, marking a significant achievement for the company despite the high volatility and continued foreign institutional investor (FII) selling in the stock market. This surge propelled the company’s total market capitalisation to a record high of Rs 91,526 crore, according to a report in a local newspaper.
With this impressive rise in share price, the value of the stake held by the promoters, Satyanarayan Nuwal and his family, soared to Rs 67,729 crore. The Nuwal family owns approximately 74 percent of the company, solidifying their substantial interest in SIIL’s growth and success, the report added.
The significant increase in the share price followed the company’s announcement of its highest-ever net profit in the March quarter. Specifically, the share price jumped over five percent in the morning session on Tuesday. The upward trend continued throughout the week, culminating in the new high of Rs 10,114 on Thursday.
For the three months ended March, SIIL reported a net profit of Rs 243 crore, representing a 10 percent increase from Rs 221 crore in the same quarter of the previous year. This strong financial performance was a key driver behind the surge in share price.
The performance of SIIL’s stock has been noteworthy over the past eight months. On September 25, 2023, the shares were trading at Rs 4,612.55. The price more than doubled to reach Rs 10,114 by Thursday, demonstrating substantial growth in less than eight 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 weaponization 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.
Sensex surges to record 75,418.04; Nifty up by 300+ points:
Benchmark stock indices Sensex and Nifty rallied more than 1.6 percent to close at lifetime high levels on Thursday following buying in banking, oil and auto shares and a record dividend payout by the RBI to the Government.
The Reserve Bank of India will pay a record Rs 2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of budgeted expectation, helping shore up revenue ahead of a new government taking office.
Regaining the 75,000 level after its best single-day gain since January 29, the 30-share BSE Sensex closed at all-time peak of 75,418.04, up by 1,196.98 points or 1.61 percent over the last close. During the day, it zoomed 1,278.85 points or 1.72 percent to reach its all-time intraday high of 75,499.91.
The NSE Nifty inched closer to the record 23,000 mark during the day. The 50-issue index went up by 369.85 points or 1.64 per cent to 22,967.65. During the day, it jumped 395.8 points or 1.75 per cent to 22,993.60 — its intra-day record peak.
