After Premier Explosives signed a Memorandum of Understanding (MoU) with Global Munition, a division of NIBE Ordnance and Maritime, to establish a joint venture to produce defence and aerospace goods, the company’s shares jumped 10% on Monday to Rs 568.20 on the BSE.
In a Friday market filing, the business stated that the joint venture would be set up with a 51:49 equity split, with Global Munition owning the majority of the shares.
Singareni Collieries Corporation, a state-owned corporation, has placed an order with the company for Rs 89.20 crore for the supply of SME explosives, LDC explosives, and accessories for use in OB blasting at various SCCL opencast projects. The order would be delivered over a two-year period.
Premier Explosives reported a net profit of Rs 8.42 crore for the September quarter, a 27.7% decrease.
Emulsion and slurry explosives, LD cartridge explosives, bulk explosives, small-diameter non-authorized explosives, permitted explosives, cast boosters, and pillow packs for secondary blasting are among the explosives and accessories produced by the firm.
India’s first private-sector explosives factory, Premier Explosives, provides solid propellants for the country’s missile programs, including Akash, Astra, and LRSAM.
