Premier Explosives soars on stock split proposal

Premier Explosives zoomed 16.96% to Rs 1975 after the company announced that its board will meet on Friday, 19 April 2024, to consider a proposal of sub-division/split in the face value of equity shares of the company.

At the same meeting, the board will also consider a proposal to raise funds by issue of equity shares or convertible instruments by way of public issue, preferential Issue, private placement (including one or more qualified institutional placements), or through any other permissible mode and / or combination thereof to eligible investors.

Premier Explosives is engaged in manufacture of high energy materials like bulk explosives, packaged explosives, detonators, detonating fuse, solid propellants, pyrogen igniters, pyro devices, etc., having applications in mining, infrastructure, defence, space, homeland security and such other areas.

The company had reported a consolidated net profit of Rs 1.71 crore in the quarter ended December 2023 as against Rs 0.63 crore during the previous quarter ended December 2022. Sales rose 19.46% to Rs 44.56 crore in Q3 FY24 over Q3 FY23.

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