City-based Solar Industries is once again making headlines as the share price of the company on Monday touched it’s all time high of Rs 16,050 before closing at a new high of Rs 15,872 a piece. With this the company’s market capitalisation soared to whopping Rs 1,43,625 crore reflecting its strong performance and dominance in the domestic and global markets. Notably, the Satyanarayan Nuwal-led company’s share price jumped from Rs 10,114 on May 24, 2024 to the current level of Rs 15,872 posting incredible hike of over 50 per cent in a short span of one year.

 

Further, in the past four straight calendar years, between 2021 and 2024, Solar Industries shares outperformed the market. As Satyanarayan Nuwal and his family own approximately 74 per cent stake in the company, their networth has now propelled to a new high of over Rs 1,06,407 crore. It is worth mentioning here that in the recent strategic military action against terrorist infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir (PoJK), the Indian armed forces had utilised sophisticated loitering munitions made by Solar Industries.

 

On March 30, Prime Minister Narendra Modi had inaugurated the Loitering Munition Test Range at the company’s facility on Amravati Road. Modi had unveiled the plaque to mark the inauguration of the new runway facility for development and testing of unmanned aerial systems. Located at a distance of about 35 km from the city, the newly constructed airstrip and testing range represent a leap forward in India’s capabilities for UAV development and munitions testing. Solar Group of Industries, comprising Solar Industries India Limited and Solar Defence and Aerospace Ltd., is engaged in development and production of ammunition and defence systems. Under the leadership of Chairman of the company Satyanarayan Nuwal, Solar Industries has taken a number of initiatives towards weaponisation of drones, developing variants of Loiter Munitions (LM), Counter Drone Systems, Drone-based Mine Detection and Disposal System, etc. Spread over 2,000 acres in the district, it is the largest and most modern development and manufacturing facility 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.