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Shares of Solar Industries India Ltd, the largest manufacturer of industrial explosives and explosive initiating systems in India hit a 52-week high in intraday trading on Thursday.

The stock hit an intraday high of Rs 4,251.15 and has risen over 75 percent on a year-to-date basis.

Shares have gained nearly 10 percent since the company reported its quarterly results on November 4. The company reported its highest-ever net profit during the September quarter.

Revenue for the quarter also doubled on a year-on-year basis.

The company said that gross margins contracted nearly 230 basis points year-on-year, but expanded 640 basis points on a quarter-on-quarter basis due to higher realisation and stable raw material cost.

Solar Industries' exports and overseas business outperformed with a growth of 107 percent. The company's defence business crossed Rs 100 crore in revenue during the quarter.

Solar Industries also became the first private sector company in India to receive an export order for ready to use ammunition worth Rs 300 crore.

After the earnings, ICICI Direct said it was maintaining its ‘BUY’ rating on the stock with a 12-month target price of Rs 4,700.

Shares of Solar Industries have given up gains from their 52-week high and are trading unchanged at Rs 4,170.