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This stock rose 24% in a week, hit 52-week high today

For FY21, revenue from operations grew 12.4 per cent to Rs 2,515.63 crore from Rs 2,237.30 crore in the previous year

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Share of Solar Industries rose 6 per cent to hit a 52-week high of Rs 1,651.00 in early trade on BSE today.

As per the share price history, Solar Industries stock on BSE closed at Rs 1,335.1 on May 25, 2021. It hit an intraday high of Rs 1,651.00 in today's morning session. In a week, the stock has delivered 24 per cent returns. Market cap of the firm rose to Rs 14,520.03 crore.

The share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages. It has gained 77 per cent in the last 12 months and risen 46 per cent since the beginning of this year.

For FY21, revenue from operations grew 12.4 per cent to Rs 2,515.63 crore from Rs 2,237.30 crore in the previous year. Net profit stood at Rs 276.35 crore against Rs 267.43 crore in the previous year.

The company reported an 82 per cent rise in its standalone net profit to Rs 91.02 crore for the quarter ended March 31, 2021, on account of robust sales. Profit in the year-ago period stood at Rs 49.96 crore.

Revenue from operations grew 44.5 per cent to Rs 791.39 crore in the March-ended quarter against Rs 547.48 crore a year ago.

"Driven by favorable macro-environment factors in the quarter, we witnessed increased sales to Coal, Housing Et Infra as apparently seen in the results. A similar upside was also reflected in our Exports and Overseas sector. We continued to build on this positive momentum and by combining it with our resource optimization measures, we saw improvements in our bottom-line," said Mr. Manish Nuwal, Managing Director & CEO, Solar Industries India Limited.

"As the economy is facing a confluence of risks, the company believes that profits being retained in the business shall protect it from unforeseen circumstances without compromising its aggressive growth plans. Keeping that in view, our company has decided to keep dividend intact at Rs.6 per share.

"Solar ended FY21 on a strong note reflecting its resilience. The company has huge opportunities across geographies and is making strides to enter newer markets. Furthermore, new CAPEX will improve volumes and gain market share in domestic business," said ICICI Securities.

"Hence, taking cognisance of better outlook, we ascribe a 'BUY' rating (earlier HOLD) to Solar. We value Solar at 35x FY23E with a target price of Rs 1640 per share," the brokerage house added.