Solar Industries India rises as Philip Capital starts with "buy"

Solar Industries India

24/12/2024 08:30

** Shares of industrial explosives maker Solar Industries
India  SLIN.NS  rise 4% to 10,080 rupees
    ** Philip Capital starts coverage with a "buy" and TP of
12,000 rupees, an upside of 23% from stock's last closing price
        ** Says co has 25% share of India's industrial
explosives market and is poised to maintain volume leadership
over FY24-27
  
    ** Expects SLIN to post revenue and profit growth of 26% and
30% CAGR, respectively, over FY24-27; forecasts domestic sales
of explosives to reach 800 bln rupees ($9.39 bln) by FY27
    ** Believe co's valuations will sustain, given highly
regulated industry and strong prospects for explosives and
defence - Philip Capital
        ** Avg rating of five other analysts on stock is a
'buy;' their median PT is 11,207 rupees - LSEG data
  
    ** SLIN has risen 50% in 2024


($1 = 85.1550 Indian rupees)

 (Reporting by Nishit Navin in Bengaluru)
 ((nishit.navin@thomsonreuters.com;))