The shares of Premier Explosives Limited have shed approximately 3 per cent till 12 pm on Thursday and were trading at Rs 485 levels. In a month the stock has gained approximately 22 per cent.
Premier Explosives Limited is engaged in the manufacturing of industrial explosives and detonators. It also undertakes operation and maintenance (O&M) services of solid propellant plants at the Sriharikota Centre of ISRO and Solid Fuel Complex at Jagdalpur under the umbrella of DRDO.
The shares started rallying after it bagged not one but two orders from Israel Aerospace Industries Limited.
The first order is for the manufacturing and supply of Warheads for a total value of USD 537,500 (Rs 4.27 crore). The company is expected to deliver these items by May 2023.
The second order received by the company is for the production and supply of Booster Rocket Motors for a total value of USD 688,000 (Rs 5.47 crore). The expected time for delivery is by March 31, 2023.
In January 2022, the shares traded at Rs 239 a piece on NSE. From there it has spiked up to the current levels logging a multibagger return of 102 per cent YTD. In a year the stock has delivered a multibagger return of 107 per cent.
The company announced its total revenue in Q1FY23 increased by 60% to Rs 51 Crores from Rs 32 Crores in the same quarter the previous year. Their net profit for the quarter under review was Rs 1 crore, matching Q1 of the last year.
The company has a market capitalization of Rs 521 crores as on September 22nd and the promoters hold a total of 41.33 per cent stake in the company.
Written by Anoushka Roy
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