Solar Industries gains 5% on issuing commercial paper worth Rs 75 crore

Solar Industries shares gain 4.7 per cent on BSE, logging an intraday high at Rs 10,247.45 per share. The northward movement in the stock came after the company issued the Commercial Paper (CP) amounting to Rs 75 crore in favor of Kotak Mahindra Bank. 

 

CPs are short-term, unsecured debt instruments issued by corporations, typically used to raise funds for working capital, operating expenses, or other short-term financial needs. 

 

Around 12:43 PM, Solar Industries share price was up 4.16 per cent at Rs 10,185.55 per share on BSE. In comparison, the BSE Sensex was down 0.05 per cent at 73,990.5. The market capitalisation of the company stood at Rs 92,169.1 crore. The 52-week high of the stock was at Rs 13,300 per share and the 52-week low was at Rs 7,270.9 per share.  

 

"We had intimated that the company has issued the Commercial Paper (CP) amounting to Rs 75 crore on December 12, 2024, in favor of Kotak Mahindra Bank Limited, having a maturity date of March 12, 2025

In the past one year, BEML shares have lost 10 per cent against Sensex's rise of 1.7 per cent," the filing read. 

 

Further, the company said that it has paid the entire redemption amount of Rs 75 crore on the due date i.e March 12, 2025. 

 

Solar Industries India Limited is engaged in manufacturing of a complete range of industrial explosives and explosive-initiating devices. It manufactures various types of packaged emulsion explosives bulk explosives and explosive initiating systems. 

 

The company has also forayed into manufacturing of ammunition for military applications. It has the world's largest packaged explosives manufacturing facility at a single location in Nagpur India. It has pan India presence with 34 manufacturing facilities. At the global level Company has presence in more than 65 countries with manufacturing facilities in 5 countries.  ALSO READ: Starlink deal: Can the stars shine bright for Airtel, RIL? Chart check here

 

Solar Industries supports major mining and infrastructure companies including global names such as Coal India Limited Singareni Collieries Vedanta Ltd and many more in the global market.Solar Industries India Limited incorporated on February 24 1995 with the name Solar Explosives Limited was promoted by Satyanarayan Nuwal By the year 1996 Solar established trade network as well as Institutional market.

 

In the past one year, Solar Industries shares have gained 33 per cent against Sensex's rise of 1.7 per cent.