Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

Solar Industries India / Equity Bottom-Up

<div><div><div><div><ul><li>Realization up 69% YoY; management gives topline guidance of 30% for FY23</li></ul><div><div><div><div><ul><li>Overseas operations ramping up: Exports and overseas markets continued their robust growth momentum, with the highest-ever quarterly sales of Rs3.9bn (30% of total sales), up 34% YoY.</li></ul><div><div><div><div><ul><li>Ammonium Nitrate update: Management has stated that prices of Ammonium Nitrate, a key raw material for explosives, increased 79% during FY22.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Realization up 69% YoY; management gives topline guidance of 30% for FY23Overseas operations ramping up: Exports and overseas markets continued their robust growth momentum, with the highest-ever quarterly sales of Rs3.9bn (30% of total sales), up 34% YoY.Ammonium Nitrate update: Management has stated that prices of Ammonium Nitrate, a key raw material for explosives, increased 79% during FY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solar Industries India - Growth Momentum Continues; Topline Growth Guidance of 30%+ Given for FY23