Premier Explosives hit an upper circuit limit of 5% at Rs 76 after the company said it received license to make defense explosives at Telangana plant.
Premier Explosives received license from Petroleum and Safety Organisation (PESO) to manufacture RDX/RDX compounded products - defence and HMX-based explosives - defence. The explosives will be manufactured at the company's plant in Telangana. The license is valid upto 31 March 2025, the company said in a statement during trading hours today, 13 May 2020.On the technical front, the stock's RSI (relative strength index) stood at 48.271. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 81.37 and its 200-day moving average (DMA) placed at 139.86.
Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives).
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