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Solar Industries share price jumps 7% on inking Rs 409-crore contracts

Solar Industries share price jumps 7% on inking Rs 409-crore contracts

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

Market capitalisation of the firm stood at Rs 9,990 crore as of today's closing session Market capitalisation of the firm stood at Rs 9,990 crore as of today's closing session

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.

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