Premier Explosives surges 37% in three days on receiving arms license

The stock moved higher by 19% to Rs 280, surging 37% in past three days on the BSE, after the company said it obtained arms license for manufacture of propellants, ammonium perchlorate and HTPB

Shares of Premier Explosives (PEL) have moved 19% higher to Rs 280 per share on Wednesday, surging 37% in past three days on the BSE, after the company obtained arms license for manufacture of propellants, ammonium perchlorate and HTPB.

“We have received arms license from Arms License Issuance Authority, Department of Industrial Policy and Promotion (DIPP) for manufacture of propellants, ammonium perchlorate and HTPB at Routhusurmala village, Chittoor district, Andhra Pradesh,” Premier Explosives said in a regulatory filing on Monday, November 19, 2018.

This license will help the company to manufacture and supply solid propellants to meet the