Shares of this leading explosive manufacturer jumped by over 1.70% today; do you own it?

A strong up move is seen in the shares of this company after an announcement made by the management on raising funds. Stock shines by over 1.70% on BSE.

Shares of Solar Industries opened at Rs 3,990.05 and made its day high of Rs 4,088.95. The 52-week high of the stock is at Rs 4,269.40 whereas the 52-week low was Rs 2,106.05.

Solar Industries has recently announced raising Rs 60 crore through issuance of 8.20% per annum, 600 unsecured, rated, listed, senior, redeemable, non‐convertible debentures (NCDs) having face value of Rs 10,00,000 each.

The instrument is valid for three years from the date of allotment. The deemed date of allotment is December 23, 2022, and thus the redemption date is December 23, 2025.

Solar Industries is a world leader in the production of bulk explosives, packaged explosives, and initiating systems, which are used in the mining, infrastructure, and construction industries.

In 2010, SIL expanded into the defence sector, producing propellants for missiles and rockets, as well as warheads and warhead explosives. 

Its competitive advantage in innovation stems from a strategic combination of talented people and technological prowess. The company intends to accelerate toward excellence at an impressive rate, relying on its extensive experience to create long-term value. The company has a comprehensive set of best practices policies in place and is dedicated to the safety, health, and well-being of people, communities, and the environment.

Last one week high and low of the scrip stood at Rs 4,260.40 and Rs 3,990.05, respectively. The company's current market capitalization is Rs 36,876.05 crore. The promoters hold 73.15% of the company, while Institutions and Non-Institutions hold 21.24% and 5.61%, respectively.