Premier Explosives hits 5% upper limit on inking deal with Astra Microwave

The uptick in Premier Explosives share price came after the company announced that it has inked a memorandum of understanding (MoU) with Astra Microwave to develop and sell multiple products jointly.

Premier Explosives hits upper circuit: Shares of Premier Explosives gained as much as 4.99 per cent to hit the upper circuit of Rs 588.05 per share on Wednesday, September 11, 2024.

However, at 10:40 AM, shares of Premier Explosives were trading 4.28 per cent higher at Rs 584 per share. In comparison, BSE Sensex was trading 0.14 per cent higher at 82,033.94 levels.

The uptick in Premier Explosives share price came after the company announced that it has inked a memorandum of understanding (MoU) with Astra Microwave Products to develop and sell multiple products jointly.  

In an exchange filing, Premier Explosives said, “This is to inform you that today our Company, Premier Explosives Limited, has signed a Memorandum of Understanding (MOU) with Astra Microwave Products Limited, Hyderabad, for a strategic alliance to develop and sell multiple products jointly.”

Premier Explosives Limited (PEL) is an India-based explosives company specialising in the manufacture of high-energy materials and allied products for a diverse range of applications, including defence, space, mining, and infrastructure. 

Established in 1980 by Dr A N Gupta, a distinguished gold medalist in mining engineering, Premier Explosives produces a wide array of products such as bulk and packaged explosives, detonators, detonating cords, pyrogen igniters, and case-bonded propellants. 

Premier Explosives operates and maintains solid propellant plants at the Sriharikota Centre of ISRO and the Solid Fuel Complex at Jagdalpur. 

The company’s research and development (R&D) facility is recognised by the Department of Scientific and Industrial Research (DSIR). Premier Explosives supports major defence and space programs, including Akash, Astra, and LRSAM, with its advanced solid propellants.

The market capitalisation of Premier Explosives is Rs 3,123.53 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of Premier Explosives stock is Rs 909.35 per share while its 52-week low is Rs 195.04 per share. Meanwhile, the earnings per share (EPS) of Premier Explosives stock is Rs 5.06.