Premier Explosives goes "boom"!

Premier Explosives is doing brilliantly well today morning. The stock which had closed yesterday at Rs.413.30, went up to an intra day high of Rs.482, a gain of almost Rs.70. Its 52-week high stands at Rs.503.

Volumes are also up – from a two week average of 26,000 shares to over 2 lakh shares today morning alone.

The company announced today morning that it has signed, a Memorandum of Understanding (MOU) with Israel Aerospace Industries Limited for exploring potential business opportunities.

The company has been making news for the past few days, more so with the defence sector coming into the limelight. This Telangana based company makes the entire range of commercial explosives and accessories for the civil requirement.  In fact it is the only private sector company which designs, develops and makes solid propellants for Indian missiles viz. Akash, Astra, etc.

The company had ended Q2FY16 with a 8% (YoY) rise in net profit at Rs.2 crore on a 15% jump in net sales at Rs.40 crore.  Its equity is small at Rs.8.86 crore.