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Last Updated : Jul 11, 2019 10:45 AM IST | Source: Moneycontrol.com

Premier Explosives jumps 8% on order from Bharat Dynamics

The work order will be executed within a period of 14 months and this is not a material supply order, the company said.

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Premier Explosives shares climbed 7.6 percent intraday on July 11 after the company received an order from Bharat Dynamics (BDL) in defence space.

"The order is for the supply of solid propellants for medium range surface to air missile (MRSAM) for a value of Rs 14.99 crore," the solid propellants manufacturer said in its filing.

The work order will be executed within a period of 14 months and this is not a material supply order, the company added.

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MRSAM (along with LRSAM, QRSAM, etc.) has been developed jointly by Israel Aerospace Industries, Israel and DRDO, India.

Premier said it has been associated with the project since inception and supplied solid propellants to DRDO during the development phase. Now, this missile is being inducted by the Indian Army with integration being done by BDL.

In addition, the meeting of the board of directors of the company is scheduled for August 10 to consider unaudited financial results for the first quarter ended June 30, 2019.

The stock was quoting at Rs 195, up Rs 11.00, or 5.98 percent on the BSE at 1030 hours IST.
First Published on Jul 11, 2019 10:45 am
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