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Premier Explosives turns damp squib after weak Q1 results

Capital Market 

Premier Explosives tanked 5.02% to Rs 160.75 at 10:20 IST on BSE after net profit fell 5.6% to Rs 0.68 crore on a 15.3% decrease in net sales to Rs 52.87 crore in Q1 June 2019 compared with Q1 June 2018.

The result was announced on Saturday, 10 August 2019.

Meanwhile, the S&P BSE Sensex was down -139 points or 0.37% to 37442.66.

On BSE, 154 shares were traded in Premier Explosives counter, compared to a 2-week average of 593 shares. The stock hit a high of Rs 165 and a low of Rs 160.75 so far during the day. The stock hit a 52-week high of Rs 284 on 09 Aug 2018. The stock hit a 52-week low of Rs 150 on 08 Aug 2019.

The stock had underperformed the market over the past one month, falling 10.83% compared with 2.97% fall in the Sensex.

In a separate announcement on Monday, the company announced winning an order from MoD (Army) for supply of Air Target Imitator valued at Rs 13.50 crore. The order is to be executed within one year and falls under 'Make in India' programme and has got all necessary quaility approvals from defense agencies.

Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives). The company's geographical segments include India, which includes sales and services to customers within India, and other countries, which includes sales and services to customers outside India.

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

First Published: Tue, August 13 2019. 10:28 IST