Buy Solar Industries India, target Rs 780: ICICI Securities

ICICI Securities has a buy call on Solar Industries India Ltd. with a target price of Rs 780. The current market price of Solar Industries India Ltd. is Rs 689. Time period given by analyst is year, when Solar Industries India Ltd. price can reach defined target. ICICI Sec said it has reduced its free cash flow to equity valuation of the defence segment from Rs 240 per share to Rs 160 and has increased earnings and multiple for the industrial explosives segment.