Hot Pursuit     11-Jul-23
Premier Explosives hits record high on bagging orders worth Rs 552 cr
Premier Explosives hit an upper circuit of 20% to Rs 588.75 after the company announced that it has received orders worth Rs 552.26 crore from the Ministry of Defence for procurement of flares and chaffs.

The company said that it received orders from the Ministry of Defence, Indian Air Force, New Delhi, for supply of chaffs and flares.

The chaffs order is valued at Rs 292.11 crore, and the flares order stood at Rs 260.15 crore.

Both the orders are to be executed within twelve months.

Premier Explosives is engaged in manufacture of high energy materials like bulk explosives, packaged explosives, detonators, detonating fuse, solid propellants, pyrogen igniters, pyro devices, etc., having applications in mining, infrastructure, defence, space, homeland security and such other areas.

On a consolidated basis, the company's net profit zoomed to Rs 2.41 crore in Q4 FY23 as against Rs 0.32 crore in Q4 FY22. However, net sales declined 13.4% YoY to Rs 52.32 crore in Q4 FY23.

The counter hit an all time high of Rs 588.75 in today's intraday session.

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