Premier Explosives hit an upper circuit of 5% at Rs 119.50 after the company said it received arms licence for making all types of warheads and fuses in Telangana.
The company received the licence from Arms License Issuance Authority, Department for Promotion of Industry and Internal Trade (DPIIT) under Arms Act 1959. This licence, which is valid for life time, enables the company to enter into new business area in defence explosives like warheads (blasts, fragmentation, shaped charge) and all types of fuses (electronic, mechanical).Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives).
On a consolidated basis, Premier Explosives reported net loss of Rs 2.42 crore in Q1 June 2020 compared with net profit of Rs 0.68 crore in Q1 June 2019. Consolidated net sales slumped 56.3% to Rs 23.08 crore in Q1 June 2020 over Q1 June 2019
The scrip has grown 111.5% from its 52-week low of Rs 56.50 hit on 25 March 2020. The stock hit a 52-week high of Rs 184.50 on 24 October 2019.
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