The stock increased its value 9 times in 5 years, the brokerage said – buy, it will rise.

New Delhi. Shares of Solar Industries, a company that manufactures industrial explosives and defense products for the mining and infrastructure sectors, have been delivering multi-bagger returns for the past several years. This share, which was priced at Rs 1113 five years ago, has become Rs 13,298 this year. However, after touching its record high, the stock has declined. Shares of Solar Industries have fallen by 14 percent in the last one month alone. But, the key point is that many brokerage houses feel that the stock still has strength and will gain momentum soon. ICICI Securities and Centrum Broking have advised to buy shares of Solar Industries. At the same time, Navama has advised investors to ‘hold’ the share.

Today, shares of Solar Industries are trading marginally higher at Rs 10,309.95 on the NSE. Shares of Solar Industries India Ltd have become multi-bagger in the last five years. During that period, the stock gave investors an 835 percent return. This defensive stock has returned 162% in the last one year and 230% in the last two years. Solar Industries’ share price has risen nearly 50 percent in the past six months, so the stock has now returned roughly 53 percent to investors in 2024. The share touched its all-time high of Rs 13,298 on July 11 this year. Shares of Solar Industries hit a 52-week low of Rs 3,877.65.

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What does the technical chart say?
Relative Strength Index (RSI) of Solar Industries India is 41.7. This indicates that this stock is neither in the overbought zone nor in the oversold zone. Shares of Solar Industries India are currently trading below the 10-day, 20-day, 30-day, 50-day moving averages but above the 100-day, 150-day and 200-day moving averages.

Stock Outlook
Brokerage firm ICICI has given ‘Buy’ rating to Solar Industries share. The brokerage has now raised the target price on the stock to Rs 13,250. Nuvama has maintained its ‘Hold’ rating on the stock, but raised the target price to Rs 11,140 from Rs 9,247. Centrum Broking has also maintained its ‘Buy’ rating and advised investors to invest in the stock with a price target of Rs 11665.

(Disclaimer: The stock mentioned here is based on the advice of the brokerage houses. If you want to invest in any of them, consult a certified investment advisor first. News 18 of any profit or loss you make. will not be responsible).

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