ICICI Securities recommended Reduce rating on Solar Industries with a target price of Rs 924 in its research report dated September 17, 2020.
ICICI Securities research report on Solar Industries
Solar Industries’ (SOIL) conference call underlined the strength of the business model; growth opportunities will determine the next phase of investment thesis. Management commentary highlighted: i) Overseas operations – with the desired experience of getting into the big league of mining through presence in South Africa and Australia eventually to reap dividends and ii) defence – where SOIL’s own preparedness meet with government readiness to entertain private sector, thereby, increasing probability of order inflows.
ISRO opportunity will be delineated once better clarity emerges. We maintain our REDUCE rating on the stock.
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