Premier Explosives shares locked at upper circuit after JV signs MoU to manufacture defence & aerospace products

About this update from Premier Explosives Limited

Premier Explosives share price is likely to extend gain on second day on December 16 after the company entered into a Memorandum of Understanding (MOV) with Global Munition, a subsidiary of NIBE Ordnance and Maritime, to set-up a joint venture to manufacture defence and aerospace products.At 09:29am, Premier Explosives was quoting at Rs 568.20, up Rs 51.65, or 10 percent, on the BSE.There were pending buy orders of 35,750 shares, with no sellers available.In proposed joint venture, Global Munition and Premier Explosives will hold equity in the ratio of 51 :49.Catch all the market action on our live blogIn November, the company received an order for Rs 89.20 crore from Singareni Collieries Company (A Government Company) for supply of SME explosives, LDC explosives (Cap & Non Cap) and accessories (Cast Booster, Detonating Fuse, Cord Relay, Nonel and Electronic Detonators - Factory set) for use in OB blasting at different Opencast Projects of SCCL to be delivered over a period of 2 years.The company had reported 27.7 percent fall in its September quarter net profit at Rs 8.42 crore

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