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    Reduce Solar Industries India, target price Rs 924: ICICI Securities

    Synopsis

    Solar Industries India Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 9619.09 Crore) operating in Chemicals sector.

    Solar-Reuters
    Promoters held 73.2 per cent stake in the company as of June 30, 2020, while FIIs held 4.4 per cent, DIIs 17.6 per cent and public & others 4.8 per cent.
    ICICI Securities has given reduce rating to Solar Industries with a target price of Rs 924. The share price moved up by 0.80 per cent from its previous close of Rs 1061.15. The stock’s last traded price is Rs 1069.60.

    Solar Industries India Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 9619.09 Crore) operating in Chemicals sector.

    Financials
    For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 491.14 Crore, down 10.29 % from last quarter Sales of Rs 547.48 Crore and down -20.79 % from last year same quarter Sales of Rs 620.03 Crore. The Company reported net profit after tax of Rs 43.97 Crore in latest quarter.
    Solar-graph

    Investment Rationale
    Management expects infra and housing segments to recover in H2FY21. The business is currently being overseen by Mr. Suresh Menon (Executive Director). The brokerage values SOIL at 26x FY22E P/E.

    Promoter/FII Holdings
    Promoters held 73.2 per cent stake in the company as of June 30, 2020, while FIIs held 4.4 per cent, DIIs 17.6 per cent and public & others 4.8 per cent.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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