Share of Solar Industries climbed 7% intraday in Monday's early session after the company announced it has signed contracts worth Rs 409 crore to supply 1 million pieces of multimode hand grenade to the Ministry of Defence.
"Economic Explosives Ltd, a wholly-owned subsidiary of Solar Industries India, has signed a contract for the 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 the supply of "Ten Lac" pieces having an approximate value of Rs 409 crore. The contracted quantity is to be delivered over a period of two years, the filing added.
Following the news, the share price of Solar Industries opened with a gain of 4.86% today at Rs 1,118 and later touched an intraday high of Rs 1143, rising 7.2% against the last close of Rs 1,066.20. The stock also hit an intraday low of Rs 1,075.
The stock has gained 3.5% value in one week and 2% since the beginning of the year. Solar Industries share is trading higher than 5, 20, 50, 100 and 200-day moving averages.
Market capitalisation of the firm stood at Rs 9,990 crore as of today's closing session.
The stock price of Solar Industries has hit a 52-week high of Rs 1,350 on Feb 1, 2020, and a low of Rs 772.05 on March 23, 2020.
Solar Industries shares closed 1.71% higher at Rs 1,084 on BSE today.Share Market News Live: Sensex rises 250 points, Nifty at 11,490; TCS, HCL Tech, Maruti top performers
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today