Premier Explosives jumps after bagging export order

Premier Explosives rallied 5.20% to Rs 158.80 after the company said it bagged an order from Turkey.

The company has bagged an order worth $9.63 million from Elmas Savunma Sanayii Ve Havacilik Ticaret, Ankara, Turkey, company said in a release. The order includes supply of RDX and HMX derivatives, to be executed in 5 months. This is the largest export order received by the company so far, it added. The announcement was made during trading hours today, 27 November 2019.

Meanwhile, the S&P BSE Sensex was up 199 points or 0.49% to 41,020.61.

On the technical front, the stock's RSI (relative strength index) stood at 47.068. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 168.21 and its 200 DMA placed at Rs 197.11.

Premier Explosives' consolidated net profit fell 60% to Rs 88 lakh on 20.4% decline in net sales to Rs 45.05 crore in Q2 September 2019 over Q2 September 2018.

Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives).

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