Premier Explosives spurts after winning order

Premier Explosives was up 7.69% to Rs 227 at 14:51 IST on the BSE after the company said it bagged a Rs 100.08 crore order from Ministry of Defence, New Delhi.

The announcement was made during trading hours today, 3 June 2019.

Meanwhile, the S&P BSE Sensex was up 475.51 points, or 1.20% to 40,189.71.

On the BSE, 26,000 shares were traded in the counter so far compared with average daily volumes of 1325 shares in the past two weeks. The stock had hit a high of Rs. 236 and a low of Rs. 214.85 so far during the day. It hit a 52-week high of Rs 310 on 1 June 2018 and a 52-week low of Rs 160 on 11 October 2018.

Premier Explosives said it bagged an order worth Rs 100.08 crore from Ministry of Defence, Air Headquarters (Vayu Bhavan), New Delhi, to supply 50mm chaffs cartridges. The order is to be executed within 168 weeks.

Premier Explosive's net profit rose by 14.7% to Rs 2.81 crore on 29.6% decline in net sales to Rs 58.59 crore in Q4 March 2019 over Q4 March 2018.

Premier Explosives is a prominent player in manufacturing solid propellants for India's prestigious missile programmes. It is also the first private sector manufacturer in India to develop and supply solid propellants.

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