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The company will supply bulk explosive to coal India. The said project will be executed in 24 months and will be delivered over a period of two years.
Coal India is a coal mining company engaged in the production and sale of coal. As of 30 June 2023, the Government of India held 66.13% stake in the company. The scrip fell 0.54% to Rs 286.20 on the BSE.
The Solar group is one of the largest domestic manufacturer and supplier of bulk and cartridge explosives, detonators, detonating cords, and components. It has manufacturing facilities in 25 locations in India, and plants in Nigeria, Zambia, South Africa, and Turkey. The scrip hit all time high at Rs 5,359.95 in intraday today.
The company's consolidated net profit jumped 16% to Rs 197.41 crore in Q1 FY24 as compared with Rs 170.21 crore. Net sales increased 4.1% year on year to Rs 1,682.21 crore in Q1 FY24 over Q1 FY23.
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