Premier Explosives gains after allotment of land by APIIC

Premier Explosives rose 2.63% to Rs 373.25 at 14:07 IST on BSE after the company said that APIIC is provisionally willing to offer 202 acres of land for establishing a unit to manufacture solid propellant.

The announcement was made yesterday, 4 April 2017. The stock market was closed on that day due to holiday.

Meanwhile, the S&P Sensex was up 47.71 points, or 0.16% at 29,957.93. The S&P BSE Small-cap index was up 160.97 points, or 1.1% at 14,781.20.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 4,598 shares in the past one quarter. The stock had hit a high of Rs 380 and a low of Rs 372 so far during the day.

The stock had hit a 52-week high of Rs 417.90 on 21 April 2016 and a 52-week low of Rs 304.50 on 23 November 2016. The stock had outperformed the market over the past one month till 3 April 2017, advancing 6.58% compared with the Sensex's 3.74% rise. The scrip had, however, underperformed the market over the past one quarter advancing 3.16% as against the Sensex's 12.26% rise.

The small-cap company has equity capital of Rs 8.86 crore. Face value per share is Rs 10.

Premier Explosives said that in response to its application, Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has sent it a letter stating that APIIC is provisionally willing to offer 202 acres of land in Chittoor, Andhra Pradesh for establishing a unit to manufacture solid propellant.

The company has accepted the letter and will take necessary steps required for firm allotment of land and setting up the said unit.

Premier Explosives' net profit rose 24.3% to Rs 2.30 crore on 15.4% increase in net sales to Rs 55.45 crore in Q3 December 2016 over Q3 December 2015.

Premier Explosives is one of the major companies in India manufacturing the entire range of commercial explosives and accessories for the civil requirement.

Powered by Capital Market - Live News