Premier Explosives spurts after signing MoU with Israel Aerospace Industries

Premier Explosives rose 13.16% to Rs 467.70 at 10:42 IST on BSE after the company said it signed a memorandum of understanding with Israel Aerospace Industries for exploring potential business opportunities.

The announcement was made during trading hours today, 6 January 2016.

Meanwhile, the BSE Sensex was down 41.39 points, or 0.16%, to 25,538.95.

On BSE, so far 1.01 lakh shares were traded in the counter, compared with an average volume of 35,205 shares in the past one quarter. The stock hit a high of Rs 475 and a low of Rs 410 so far during the day. The stock hit a 52-week high of Rs 503 on 16 July 2015. The stock hit a 52-week low of Rs 221.40 on 17 March 2015. The stock had outperformed the market over the past one month till 5 January 2016, rising 4.82% compared with 0.23% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.82% as against Sensex's 4.50% fall.

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

Net profit of Premier Explosives rose 8% to Rs 1.89 crore on 14.63% rise in net sales to Rs 40.27 crore in Q2 September 2015 over Q2 September 2014.

Premier Explosives (PEL) is one of the major companies in India manufacturing 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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