Premier Explosives hits upper circuit on receiving arms license

Premier Explosives Limited has received Arms License from Arms License Issuance Authority, Department of Industrial Policy and Promotion (DIPP) for the manufacture of Propellants, Ammonium Perchlorate and HTPB at Routhusurmala village, Chittoor district, Andhra Pradesh.

This license will help the company manufacture and supply solid propellants to meet the requirements of ISRO-SHAR satellite launches. Propellants are fuel for satellite launch vehicles and other two items are raw materials for propellants. The said license has a lifetime validity period.

Earlier, on November 9, 2018, the company had received Arms License from Arms License Issuance Authority, DIPP for manufacture of Medium calibre Ammunition (20mm to 57mm), Large calibre Ammunition (APFSDS and BMCS), Sub-assemblies for ammunition, Single base/Double base/Triple base / Multi base propellants and RDX & HMX and compounds thereof at its Greenfield Katepally plant.

With the receipt of these new licenses, new avenues would open up for the company and will provide a boost to its revenues in the long run.

On Monday, the stock of Premier Explosives hit the upper circuit of 20 per cent at Rs. 244.80 per share from its previous close of Rs 204. It opened at Rs. 202.10 per share.