Multibagger defence stock falls 21% from record high in two sessions  

Shares of Solar Industries India Ltd have lost 21% from their record high in just two sessions. The defence sector stock, which hit an all-time high of Rs 8,499 on November 22, 2023 fell to a low of Rs 6683.10 in the current session slipping 21.36% during the period. It fell to a 52-week low of Rs 3456.95 on July 11, 2023.    

At 2:33 pm today, Solar Industries India stock was trading at Rs 6729 against the previous close of Rs 6944.70 on BSE. Market cap of the firm fell to Rs 60,890 crore. Total 5408 shares of the firm changed hands amounting to a turnover of Rs 3.66 crore on BSE. The stock had a beta of 0.5 indicating very low volatility in the last one year.   

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In terms of technicals, the relative strength index (RSI) of Solar Industries India stands at 72.4, signaling the stock is trading in the overbought zone. Solar Industries India shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.         

In a year, the stock has gained 74.74 per cent and risen 51.67 per cent this year.    

Solar Industries India logged a 13.43 percent year-on-year rise in Q2 net profit to Rs 200.1  crore against Rs 176.4 crore in the September 2022 quarter. However, consolidated revenue from operations fell to Rs 1355.2 crore in Q2 against  Rs 1571 crore in the September 2022 quarter.   

The firm reported the highest ever EBITDA margin of 24.95% in Q2 of this fiscal against 19.08% in the September 2022 quarter.   

About Solar Industries  

Solar Industries is an India-based manufacturer of industrial explosives for the mining and infrastructure sector. The company offers industrial explosives and defence products.