Shares of Solar Industries Ltd surged 7% on 30 January after the Cabinet Committee on Security (CCS) authorized a major procurement agreement worth Rs 10,000 crore for the Pinaka rocket launcher system, citing Solar Industries as one of the manufacturers.

The project will be divided between Solar Industries and Munitions India Limited (MIL), a former Ordnance Factory Board entity.

The installation of Pinaka rocket systems is expected to improve the artillery capabilities of the Indian Army, especially in the high-altitude regions close to the northern borders. Army Chief General  Upendra Dwivedi said earlier this month that the Cabinet was expected to approve the Pinaka rocket systems contract soon. The acquisition also includes Rs 5,700 crore for high-explosive ammunition and Rs 4,500 crore for area-denial munitions.

This accomplishment aligns with the government’s strategy to support the military industry in becoming less dependent on imports of weapon systems and more self-sufficient.

The Pinaka weapon system is a fully indigenous weapon system designed and developed by the Armament Research and Development Establishment (ARDE) in collaboration with the Defence Research and Development Laboratory (DRDL), High Energy Materials Research Laboratory (HEMRL), Research Centre Imarat (RCI), and Proof & Experimental Establishment (PXE).

The system’s ability to launch precise attacks from a great altitude makes it one of the most advanced artillery rocket systems in the world. With countries like France and Armenia already expressing interest, it is expected that the Pinaka system will grow into a major asset in the global defence environment.

At 11:40 am, the shares of Solar Industries were trading 5.51% higher at Rs 10,095.90 on NSE.

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