Solar Industries, Bharat Electronics, CG Power shares slip as global cues weigh on Indian markets

Solar Industries India shares experienced sharp volatility, initially climbing to a 52-week high of ₹22,700 before reversing to fall as much as 10.16% to ₹20,025. The stock had closed at ₹22,290 the previous session. The move came after the company announced an all-cash deal to acquire South Africa-based Omnia Holdings Ltd for approximately $1.355 billion (₹12,951 crore) through its step-down subsidiary Solar SA Investments Proprietary. The transaction remains subject to regulatory and shareholder approvals.

Bharat Electronics declined 4.2% to a day’s low of ₹388.20, having opened at ₹401.20 against a Friday close of ₹405.50. Markets were closed on Monday for Ganesh Chaturthi. The stock has fallen 5.5% in one month and 12% over six months, though it is up 2.5% year-on-year and has delivered 460% returns over five years. BEL continues to benefit from India’s defence-indigenisation push, with the Defence Acquisition Council having cleared ₹1.1 lakh crore in new defence deals, 98% of which are set to go to Indian companies.

CG Power also came under selling pressure, dropping 4.2% to ₹870.90 from an open of ₹907.85 and a Friday close of ₹910. The stock is down 2% in one month and 7% in three months, but up 23% in six months and 10% over the past year. Over five years, it has surged 879%. The company recently commissioned the first transformer from its new greenfield facility in Sehore, Madhya Pradesh, which will eventually have a capacity of 1,20,000 MVA and requires an investment of ₹792 crore funded via QIP and internal accruals.

HDFC Bank, the highest-weighted stock in the benchmark indices, gained 2.1% after submitting two candidate names to the RBI for the CEO position. Broader market weakness was driven by Brent crude trading at $107 per barrel and concerns over supply disruptions following a Houthi attack on Saudi Arabia’s East-West oil pipeline.