Premier Explosives advances on bagging order from Vikram Sarabhai Space Centre
Premier Explosives is currently trading at Rs. 176.95, up by 8.90 points or 5.30% from its previous closing of Rs. 168.05 on the BSE.
The scrip opened at Rs. 186.80 and has touched a high and low of Rs. 195.75 and Rs. 175.35 respectively. So far 395 shares were traded on the counter.
The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 280.05 on 21-Nov-2018 and a 52 week low of Rs. 150.00 on 08-Aug-2019.
Last one week high and low of the scrip stood at Rs. 195.75 and Rs. 161.05 respectively. The current market cap of the company is Rs. 190.26 crore.
The promoters holding in the company stood at 41.13%, while Institutions and Non-Institutions held 17.39% and 41.48% respectively.
Premier Explosives has received an order from Vikram Sarabhai Space Centre (vssC) for production of PSOM-Xl segments (solid propellant) for their satellite launch vehicles.
This is the first order to be executed at the Solid Propellant Plant located at its Katepally Greenfield project inaugurated in August 2019. The company has already supplied this product to SHAR and it was successfully test fired in 2018 at Sriharikota. Order is to be executed within a period of 18 months. This is not a material order.
Premier Explosives is a prominent player in manufacturing solid propellants for India’s prestigious missile programs like Akash, Astra, and LRSAM.