In a meteoric rise, the city-based Solar Industries India Limited has seen its fortunes skyrocket in recent months. The company’s share price has more than doubled in the last six months, propelling its market capitalisation to a record-breaking surge of nearly Rs 42,635 crore. This phenomenal growth has not only positioned the company as a major player in its sector, but it also underscores the city’s thriving business environment. After witnessing a share price increase of over 100 per cent in the past six months, the company’s overall value has touched to a level of Rs 84,355 crore, solidifying its promoters’, Satyanarayan Nuwal and family, position as the richest in the region. On September 25, 2023, the shares of the company were trading at a price of Rs 4612.55 which went up to Rs 9,330 on March 22, 2024.

 

Further, the net assets of Satyanarayan Nuwal and family, which owns approximately 74 per cent stake in the company, swelled to Rs 62,422 crore as on Friday. Solar Group of Industries, comprising Solar Industries India Limited and Economic Explosives Limited is relentlessly working on the development and production of ammunitions and defence systems to realise the country’s visionary national policies of promoting ‘Make in India and Make for World’ as part of Atmanirbhar Bharat Abhiyan. The Group started manufacturing for the defence and aerospace sector in 2010 and established its subsidiary Economic Explosives Ltd (EEL), spread over 2,000 acres, as the largest and most modern development and manufacturing facilities for ammunition and defence systems in the private sector. The company also established facilities for making modern grenades, mines, a wide range of munitions and its components viz. propellant, propulsion systems, warheads and fuses for rockets, missiles, air bombs, etc. The group has developed manufacturing capacities for more than 20 munitions for the country’s armed forces, most of which are being currently imported.