This defence company bags an order worth Rs 212 crore; do you have it?

Indian company wins order against Israel and Poland company. 

About the order 

Today, Solar Industries Nagpur said it has bagged an order to supply an unmanned aerial vehicle (UAV) 'Nagastra' to the Indian Army, beating competitors from Israel and Poland. A Solar Industries official said with the government's initiative to bring Atmanirbharta in ammunition and defence systems, the first indigenous Loiter Munition (LM), Nagastra-1, has been designed and developed by Economics Explosives Ltd (EEL), a 100 per cent subsidiary of Solar Industries Nagpur, in association with Z-Motio. The contract is valued at Rs 212 crore and to be delivered within 1 year. 

Share price moment 

Solar Industries is currently trading at Rs 3,822.15, up by 57.75 points or 1.53% from its previous closing of Rs 3,764.40 on the BSE. 

The scrip opened at Rs 3,760 and has touched a high and low of Rs 3,837.35 and Rs 3,727.55 respectively. So far 1,944 shares were traded on the counter. 

The BSE group 'A' stock of face value of Rs 2 has touched a 52-week high of Rs 4,535.95 and a 52-week low of Rs 2,470. The current market cap of the company is Rs 34,659.05 crore. 

The promoters holding in the company stood at 73.15%, while Foreign Institutions and Domestic Institutions held 6.63% and 14.32% respectively. 

Company profile 

Solar Explosives, a Solar group company was incorporated on February 24, 1995, by Satyanarayan Nuwal, Nandlal Nuwal and Kailashchandra Nuwal. The journey of “Solar” Group started in the year 1984 when a proprietary firm Solar Explosives was formed by Satyanarayan Nuwal for trading in Explosives. This year one of them, the largest Indian Explosive manufacturing company awarded its first consignment agency to Solar Explosives. The name of Solar Explosives Limited got changed to Solar Industries India Limited. 

SIL also ventured into the defence segment in 2010 and diversified into manufacturing propellants for missiles and rockets, warheads and warhead explosives.