Premier Explosives surged 10.32% to Rs 185.40 after the company said that it received an order for solid propellant from Vikram Sarabhai Space Centre.
Premier Explosives announced that it received an order from Vikram Sarabhai Space Centre (VSSC) for production of PSOM-XL segments (solid propellant) for their satellite launch vehicles. Order is to be executed within a period of 18 months. This is not a material order.This is the first order to be executed at the solid propellant plant located at our Katepally greenfield project in Telangana inaugurated in August 2019. The company has already supplied this product to Sriharikota Range (SHAR) and it was successfully test fired in 2018 at Sriharikota.
Meanwhile, the S&P BSE Sensex was up 153 points or 0.41% to 37298.38.
On the BSE, 8954 shares were traded in the counter so far compared with average daily volumes of 1119 shares in the past two weeks. The stock hit a high of Rs 195.75 and a low of Rs 175.35 so far during the day.
The stock hit a 52-week high of Rs 280.05 on 21 Nov 2018. The stock hit a 52-week low of Rs 150 on 08 Aug 2019.
On a consolidated basis, the explosive manufacturer's net profit fell 5.6% to 0.72 crore on a 15.3% decline in net sales to Rs 52.87 crore in Q1 June 2019 over Q1 June 2018.
Premier Explosives is a prominent player in manufacturing solid propellants for India's prestigious missile programmes like Akash, Astra, and LRSAM.
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