Hot Pursuit     12-Jul-23
Premier Explosives soars 64% in seven sessions; hits record high
Premier Explosives hit an upper limit of 20% at Rs 706.50 extending recent steep gains.
Shares of Premier Explosives have rallied 64% in seven consecutive sessions.

The stock hit a record high of Rs 706.50 today. The stock hit a 52-week low of Rs 291.55 on 13 July 2022.

The stock had outperformed the market over the past one month, advancing 62.35% as against Nifty's 4.59% rise.

The scrip had outperformed the market in past three months, soaring 69% as against Nifty's 9.22% increase.

The counter had also outperformed the market in past one year, jumping 137% as against Nifty's 21% surge.

On the technical front, the stock's daily RSI (relative strength index) stood at 92. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 443.80, 419.25 and 422.67, respectively. These levels will act as crucial support zones in near term.

The company on 11 July 2023 announced that it 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.

Previous News
  Premier Explosives reports consolidated net loss of Rs 5.48 crore in the December 2020 quarter
 ( Results - Announcements 08-Feb-21   14:47 )
  Premier Explosives consolidated net profit rises 653.13% in the March 2023 quarter
 ( Results - Announcements 16-May-23   17:51 )
  Premier Explosives reports consolidated net profit of Rs 3.10 crore in the September 2021 quarter
 ( Results - Announcements 28-Oct-21   18:01 )
  Premier Explosives to conduct board meeting
 ( Corporate News - 10-Aug-17   15:54 )
  Premier Explosives consolidated net profit rises 0.78% in the June 2022 quarter
 ( Results - Announcements 03-Aug-22   17:17 )
  Premier Explosives terminates export order to Turkey
 ( Corporate News - 29-Apr-21   10:23 )
  Premier Explosives announces change in directorate
 ( Corporate News - 24-Jun-14   13:08 )
  Premier Explosives reports consolidated net profit of Rs 1.28 crore in the June 2021 quarter
 ( Results - Announcements 30-Jul-21   07:59 )
  Premier Explosives standalone net profit rises 20.41% in the June 2017 quarter
 ( Results - Announcements 18-Aug-17   17:54 )
  Premier Explosives consolidated net profit declines 5.56% in the June 2019 quarter
 ( Results - Announcements 12-Aug-19   15:49 )
  Premier Explosives receives order from an Israel company
 ( Corporate News - 13-Dec-18   18:11 )
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