Shares of Solar Industries India Ltd were trading in the green and 2% higher on 25 September after the company announced receiving approval from the NCLT to merge Rajasthan Explosives and Chemicals with its wholly-owned subsidiary Emul Tek. 

Earlier in April 2023, the company had first announced its interest in acquiring Rajasthan Explosives, stating that it would acquire the entire business via a business acquisition agreement.

The company said that the acquisition is in line with the company’s long term business plan and will also help the company expand its operations. 

In July 2024, the company’s South Africa-based subsidiary, Solar Mining Services had acquired a majority stake in Problast BS, South Africa, which is a leading blasting solution provider in South Africa. 

The company is in the business of manufacturing detonators, detonating cords, bulk and cartridge explosives, and components that are used in the infrastructure, mining, and construction sectors.

The company’s net profit jumped by 45% year over year to Rs 286 crore in the June quarter, while its revenue increased by 0.75% to Rs 1,719 crore. 

At 11:29 am, the shares of Solar Industries were trading 1.66% higher at Rs 11,597.95 on NSE. 

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