Hot Pursuit     31-Dec-19
Premier Explosives slips on rating downgrade
Shares of Premier Explosives fell 2.80% to Rs 146 after rating agency ICRA revised the company's long-term rating to 'A-' from 'A' earlier.

In an exchange filing made after market hours yesterday, the company informed that ICRA has revised the credit rating for line of credit (LOC) of the company. The rating on long term is revised to [ICRA] [A-] (Stable) from [ICRA] A (Stable) while the rating on short term is downgraded to [ICRA][A2+] from [lCRA] A1 earlier. The said rating is valid till 19 December 2020, the company added.

On a consolidated basis, Premier Explosives' net profit fell 60% to Rs 88 lakh on 20.4% decline in net sales to Rs 45.05 crore in Q2 September 2019 over Q2 September 2018.

Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives).

The scrip declined 4.16% in two sessions from a recent closing high of Rs 152.35 recorded on 27 December 2019.

The stock is currently trading 47.10% below its 52-week high of Rs 276 hit on 23 January 2019. It is 12.95% above its 52-week low of Rs 129.25 hit on 11 December 2019.

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