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Premier Explosives sizzles after announcing tie-up

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Explosives rose 1.24% to Rs 360.50 at 15:18 IST on after the company announced a tie-up with French defence company NEXTER to jointly manufacture bi-modular

The announcement was made during trading hours today, 13 April 2018.

Meanwhile, the Sensex was up 92.26 points, or 0.27% to 34,193.39

On the BSE, 4,661 shares were traded in the counter so far, compared with average daily volumes of 858 shares in the past two weeks. The stock had hit a high of Rs 379.25 and a low of Rs 355.05 so far during the day. The stock hit a record high of Rs 539.35 on 16 June 2017. The stock hit a 52-week low of Rs 314.10 on 26 March 2018.

The small-cap company has equity capital of Rs 10.64 crore. Face value per share is Rs 10.

Explosives said that the company and the French defence company NEXTER have decided to tie-up for manufacturing Bi-Modular (BMCS) in order to respond to the needs of the French defence company NEXTER is specialized in and ammunition.

The partners responded to the BMCS RFP (Request for Proposal) relative to a 10 year contract by manufacturing in India, combining the experience of NEXTER with the pyrotechnics knowledge of Explosives. The proposed product, which is the key of artillery propulsion, is 100% designed within in accordance with the Indian technical requirements.

Through a long-term partnership, and NEXTER are willing to build up one of the first Indian private manufacturers of ammunition. This project responds to the objective to develop a private robust source of ammunition.

Net profit of dropped 37.25% to Rs 1.60 crore on 20.56% rise in net sales to Rs 67.49 crore in Q3 December 2017 over Q3 December 2016.

is a in manufacturing solid propellants for India's missile programmes like Akash, Astra, and LRSAM.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 15:28 IST