 "Premier Explosives locked in 10% upper circuit today; here are all details")
Premier Explosives shares clocked a 10 per cent upper circuit in Monday's trade at Rs 568.2 per share on BSE. The stock gained after the company signed a Memorandum of Understanding (MoU) with Global Munition Ltd to set up a joint venture (JV) to manufacture defence and aerospace products.
Around 10:25 AM, Premier Explosives share price was up 10 per cent at Rs 568.2 per share on BSE. In comparison, the BSE Sensex was down 0.39 per cent at 81,811.07. The market capitalisation of the company stood at Rs 3,054.71 crore. The 52-week high of the stock was at Rs 909.35 per share and the 52-week low was at Rs 253.74 per share.
"This is to inform you that today our company, Premier Explosives Ltd has entered into a Memorandum of Understanding (MOU) with Global Munition Ltd, a subsidiary of NIBE Ordnance and Maritime Limited (NIBE Group Company), to set-up a joint venture to manufacture defence and aerospace products," the filing read.
It added: In proposed JV, Global Munition and Premier Explosives will hold equity in the ratio of 51 :49.
Premier Explosives, established in 1980, is an Indian company specialising in the manufacture of explosives, propellants, and defense-related products. Founded by Dr. A.N. Gupta, the company serves key sectors including defense, space, mining, and infrastructure, making it one of the few private firms in India with expertise in high-energy materials.
The company is pioneer in developing solid propellants for missiles in India. The company is a supplier to major missile programs such as Akash, Astra, LRSAM, and others. It produces critical defense components like pyrogen igniters, explosive bolts, and other ammunition products.
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The company also manufactures bulk and packaged explosives, detonators, and accessories for mining and infrastructure projects.
Premier Explosives exports its products to various international markets, contributing to India’s growing defense exports.
The company is expanding its product range and strengthening its position in the defense and space sectors. It benefits from the Indian government's "Make in India" initiative, focusing on indigenization of defense manufacturing.
In the past one year, Premier Explosives shares have gained 75 per cent against Sensex's rise of 15 per cent.