Premier Explosives rose 4.46% to Rs 368.65 at 13:34 IST on BSE after the company announced hike in stake of Precision Wire Products.
The announcement was made during trading hours today, 29 June 2016.Meanwhile, the BSE Sensex was up 152.18 points, or 0.57%, to 26,676.73
On BSE, so far 24,000 shares were traded in the counter, compared with an average volume of 1.26 lakh shares in the past one quarter. The stock hit a high of Rs 376.35 and a low of Rs 347 so far during the day. The stock hit a record high of Rs 519 on 7 January 2016. The stock hit a 52-week low of Rs 261.50 on 29 June 2015. The stock had underperformed the market over the past 30 days till 28 June 2016, falling 2.35% compared with Sensex's 0.75% fall. The scrip had also underperformed the market in past one quarter, declining 8.08% as against Sensex's 4.68% rise.
The small-cap company has an equity capital of Rs 8.86 crore. Face value per share is Rs 10.
Premier Explosives said that the company will hike its stake in associate company Precision Wire Products to 80% from its current holding of 25.71%. The company aims to acquire management control of Precision Wire Products for an assured supply of raw materials on a long term basis, Premier Explosives said. The indicative time period of completion of the acquisition is 30 June 2016, the company said. The shares will be acquired at Rs 10 per share in cash, it added.
Precision Wire Products is an unlisted public company engaged in manufacture of galvanised iron wire meant specifically for lead wire in detonators. The company achieved turnover of Rs 9.17 crore in the year ended 31 March 2016.
Premier Explosives' net profit rose 68.32% to Rs 3.40 crore on 39% rise in net sales to Rs 58.45 crore in Q4 March 2016 over Q4 March 2015.
Premier Explosives is one of the major companies in India manufacturing the entire range of commercial explosives and accessories for the civil requirement.
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