Premier Explosives hit an upper circuit of 5% at Rs 135.85 after the company said it received am order worth Rs 3.90 crore from Israel Aerospace Industries.
The company will develop and supply EDRM Rocket Motors. The order is to be delivered within nine months.Premier Explosives said it is developing and supplying certain types of rocket motors to IAI and this order is for another variant of rocket motor.
On the technical front, the stock's RSI (relative strength index) stood at 65.357. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 days and 100 days simple moving average placed at 115.24 and 94.12 respectively. These levels will act as crucial support zones in near term.
Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives).
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