Solar Industries up 4% after Bagging Rs 11.4 bln Order

Solar Industries India was up 4% at around 10:10 AM today after the company said on Wednesday that it had received a Rs 11.43 billion contract from Coal India.

The contract, to supply 375,412 tn of bulk explosives to subsidiaries of Coal India, is valid for two years and the contract price for bulk explosives will be revised on a quarterly basis. On Wednesday, the stock ended up 0.5% at Rs 1,032.75.

As per the contract, for the period of 2017-18, SIIL will supply 182204 MT explosives valued at Rs 555.52 Cr. And for the year 2018-19, the supply will be 193208 MT explosives, priced at Rs 588.11 Cr. SIIL and the subsidiary hold the rights to increase or decrease the order quantity by up to 40%.