Premier Explosives gains after getting licences from DIPP for ammunition

Premier Explosives rose 3.92% to Rs 248.90 at 14:45 IST on BSE after the company received Industrial Licenses from the Department of Industrial Policy and Promotion for manufacturing of certain ammunition.

The company made the announcement after market hours yesterday, 18 May 2015.

Meanwhile, the S&P BSE Sensex was down 25.71 points or 0.09% at 27,661.59.

On BSE, so far 39,429 shares were traded in the counter as against average daily volume of 25,855 shares in the past one quarter.

The stock hit a high of Rs 252.90 and a low of Rs 246.50 so far during the day. The stock had hit a record high of Rs 329.70 on 8 January 2015. The stock had hit a 52-week low of Rs 94 on 16 May 2014.

The stock had underperformed the market over the past one month till 18 May 2015, falling 11% compared with Sensex's 2.65% fall. The scrip had also underperformed the market in past one quarter, dropping 15.96% as against Sensex's 5.57% fall.

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

Premier Explosives said that the company has received on 18 May 2015, Industrial Licenses vide License dated 1 May 2015, and 12 May 2015, from the Department of Industrial Policy and Promotion (DIPP) for manufacturing of certain ammunition.

These include ammunition of 40mm and above caliber, rockets and missiles, mines related to defence & bombs and cartridge explosives at Katepally, Yadagirigutta Mandal, District-Nalgonda, in the State of Telangana

Premier Explosives (PEL) is into manufacturing of the entire range of commercial explosives and accessories for the civil requirement. Currently PEL is only Indian private entity designing, developing and manufacturing solid propellants for Indian missiles viz. Akash, Astra, etc.

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