Premier Explosives takes off on order wins but profit booking pulls it down

Premier Explosives has received a Rs 43.26-crore order to supply PI & P2 motors to Bharat Dynamics for Medium Range Surface to Air Mission. The second order is from Larsen & Toubro

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Shares of Premier Explosives jumped after the company received two orders worth Rs 57 crore on June 9 but traders booked profits at highs to push the stock lower.

Premier Explosives said on June 9 it received an order for supplying PI & P2 motors to Bharat Dynamics for a Medium Range Surface to Air Missile (MRSAM), which it has to deliver within 24 months. The order is worth Rs 43.26 crore.

MRSAM is a high-response, quick-reaction, vertically launched supersonic missile designed to neutralise enemy aerial threats – missiles, aircraft, guided bombs, helicopters. The army, navy and air force use different variants of the 275-kg missile has a range of 70 kilometres.

The defence sector company also said it received an order from Larsen & Toubro (L&T) to supply propellant strap-on motors (PSOM-XL), which is used to achieve higher payload capability for satellite launch vehicles of the Indian Space Research Organisation (ISRO).

The motors need to be supplied within 12 months. The company will receive Rs 13.94 crore, including taxes, for the order.

The stock rose 2.49 percent to Rs 447 on the BSE but gave in to selling pressure to trade flat at Rs 436.55 at 1.50 pm. In the current year, the stock has returned about 5 percent. Its one -year return stands at 39 percent.

Premier Explosives Ltd is a prominent player in manufacturing solid propellants for India’s prestigious missile programmes like Akash, Astra, and Long Range Surface to Air Missile (LRSAM).