Solar Industries shares plunge 17% in 2 days. Why Jefferies, Nuvama still see up to 46% upside

Solar Industries shares have plunged over 17% in two sessions following the Rs 12,951 crore acquisition of South Africa’s Omnia Holdings. Despite the sharp correction, Jefferies and Nuvama retain Buy ratings, citing the company’s earnings growth potential, strong cash flows and strategic benefits from the acquisition and global expansion.