Premier Explosives announced that it received an order from Vikram Sarabhai Space Centre (VSSC) for production of PSOM-XL segments (solid propellant) for their satellite launch vehicles. Order is to be executed within a period of 18 months. This is not a material order.

This is the first order to be executed at the solid propellant plant located at our Katepally greenfield project in Telangana inaugurated in August 2019. The company has already supplied this product to Sriharikota Range (SHAR) and it was successfully test fired in 2018 at Sriharikota.

Meanwhile, the S&P BSE Sensex was up 153 points or 0.41% to 37298.38.

On the BSE, 8954 shares were traded in the counter so far compared with average daily volumes of 1119 shares in the past two weeks. The stock hit a high of Rs 195.75 and a low of Rs 175.35 so far during the day.

The stock hit a 52-week high of Rs 280.05 on 21 Nov 2018. The stock hit a 52-week low of Rs 150 on 08 Aug 2019.

On a consolidated basis, the explosive manufacturer's net profit fell 5.6% to 0.72 crore on a 15.3% decline in net sales to Rs 52.87 crore in Q1 June 2019 over Q1 June 2018.

Premier Explosives is a prominent player in manufacturing solid propellants for India's prestigious missile programmes like Akash, Astra, and LRSAM.

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Premier Explosives has received the license from Chief Controller of Explosives, Nagpur for manufacture of Solid Propellant at the company's factory situated at Katepally, near Hyderabad. This new license will enable the company to manufacture solid propellants of larger size at its Greenfield project.

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Premier Explosives announced that that the Company's new Solid Propellant Plant at Katepally, near Hyderabad, has been inaugurated on Friday, 23 August 2019 by K.P.S. Murthy, Outstanding Scientist and Director of High Energy Materials Research Laboratory (HEMRL), Pune.

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The result was announced on Saturday, 10 August 2019.

Meanwhile, the S&P BSE Sensex was down -139 points or 0.37% to 37442.66.

On BSE, 154 shares were traded in Premier Explosives counter, compared to a 2-week average of 593 shares. The stock hit a high of Rs 165 and a low of Rs 160.75 so far during the day. The stock hit a 52-week high of Rs 284 on 09 Aug 2018. The stock hit a 52-week low of Rs 150 on 08 Aug 2019.

The stock had underperformed the market over the past one month, falling 10.83% compared with 2.97% fall in the Sensex.

In a separate announcement on Monday, the company announced winning an order from MoD (Army) for supply of Air Target Imitator valued at Rs 13.50 crore. The order is to be executed within one year and falls under 'Make in India' programme and has got all necessary quaility approvals from defense agencies.

Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives). The company's geographical segments include India, which includes sales and services to customers within India, and other countries, which includes sales and services to customers outside India.

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