Shares of Premier Explosives shot up 16 percent intraday Friday on getting industrial licence for various defence products from Department of Industrial Policy and Promotion (DIPP).
"The company has received industrial license vide license dated June 11, 2015, from the DIPP, for flexible Liner shape charge, explosives reacting armour and single base propellant," said the defence products manufacturer.
Premier Explosives is one of the major companies in India manufacturing the entire range of commercial explosives and accessories for the civil requirement. Currently, it is only Indian private entity designing, developing and manufacturing solid propellants for Indian missiles viz. Akash, Astra, etc.
For the year ended March 2015, the company reported a profit of Rs 5.32 crore against Rs 9.21 crore in FY14. Revenues during the same period increased to Rs 149.49 crore from Rs 145.4 crore.
At 13:56 hours IST, the scrip of Premier Explosives was quoting at Rs 270.40, up Rs 25.40, or 10.37 percent amid high volumes on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar