Premier Explosives share price locked at 20 percent upper circuit on July 11 as company won orders worth Rs 552.3 crore from Defence Ministry. The company has won orders from the Ministry of Defence, and the Indian Air Force for supply of Chaffs.
At 11:17 am Premier Explosives was quoting at Rs 588.75, up Rs 98.10, or 19.99 percent. It has touched a 52-week high of Rs 588.75. The stock has touched an intraday high of Rs 588.75 and an intraday low of Rs 497.55.
The first order value is worth of Rs 292.11 crore (including GST). The second order is supply of Flares from Ministry of Defence, Indian Air Force worth Rs 260.15 crore (including GST). The said orders are to be executed with 12 months.
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On June 9, company received an order for supplying PI and P2 motors to Bharat Dynamics for a Medium Range Surface to Air Missile (MRSAM), which it has to deliver within 24 months. The order is worth Rs 43.26 crore.
It also received an order from Larsen & Toubro (L&T) to supply propellant strap-on motors (PSOM-XL), to be supplied within 12 months. The company will receive Rs 13.94 crore, including taxes, for the order.
Premier Explosives is a prominent player in manufacturing solid propellants for India's prestigious missile programmes like Akash, Astra, and LRSAM, as per its website.
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