Premier Explosives Stock Surges on MoU with Astra Microwave Products
Shares of Premier Explosives Limited (PEL) witnessed a significant surge on Wednesday, September 11, 2024, hitting the upper circuit of Rs 588.05 per share. This represents a gain of 4.99% compared to the previous closing price.
The upward movement in the stock price was primarily driven by the company's announcement of a memorandum of understanding (MoU) with Astra Microwave Products Limited. This strategic alliance aims to jointly develop and sell multiple products, potentially expanding PEL's product portfolio and market reach.
At 10:40 AM, Premier Explosives shares were trading 4.28% higher at Rs 584 per share, outperforming the broader market. The BSE Sensex, meanwhile, was trading 0.14% higher at 82,033.94 levels.
A Leading Explosives Manufacturer
Premier Explosives Limited is a prominent Indian explosives company specializing in the production of high-energy materials and allied products. The company caters to diverse applications across various sectors, including defense, space, mining, and infrastructure.
Established in 1980 by Dr. A N Gupta, a distinguished gold medalist in mining engineering, PEL boasts a wide range of products, including bulk and packaged explosives, detonators, detonating cords, pyrogen igniters, and case-bonded propellants.
The company operates and maintains solid propellant plants at the Sriharikota Centre of ISRO and the Solid Fuel Complex at Jagdalpur. Additionally, its research and development (R&D) facility is recognized by the Department of Scientific and Industrial Research (DSIR).
Premier Explosives plays a crucial role in supporting major defense and space programs, including Akash, Astra, and LRSAM, with its advanced solid propellants.
Market Capitalization and Stock Performance
As of September 11, 2024, the market capitalization of Premier Explosives stands at Rs 3,123.53 crore, according to the Bombay Stock Exchange (BSE).
The stock has witnessed a 52-week high of Rs 909.35 per share and a 52-week low of Rs 195.04 per share. The current earnings per share (EPS) of Premier Explosives stock is Rs 5.06.