Solar Industries India gains after unit enters $12.1 million agreement

By Reuters News

** Shares of India's Solar Industries India SLIN.NS rise as much as 1.9% to 20.241 rupees

** Co says its unit Solar Explochem entered into share purchase agreement to acquire 100% of Sivasakthi Industrial Explosives for 1.15 billion rupees ($12.1 million)

** Goldman Sachs ("buy"; PT 26,550 rupees) says acquisition would enable co to increase its capacity rapidly

** Brokerage adds scope for further expansion is likely to complement Solar Industries' growth focus in the domestic market

** Stock rated "buy" on average by 18 analysts; median PT is 22,505 rupees - LSEG-compiled data

** Stock up 63.3% YTD


($1 = 95.0175 Indian rupees)

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