On 6th November, Premier Explosives shares reached the upper circuit limit, with the stock locked at ₹477.15 on the Bombay Stock Exchange (BSE), following the announcement of a significant order worth ₹89.20 crore from Singareni Collieries Company Ltd (SCCL).
The contract, intended for the supply of specialised explosives and accessories for SCCL's Opencast Projects, has captured investors' attention, sparking increased interest for those looking to invest in stocks.
Details of the SCCL contract and delivery timeline
This sizeable order involves a comprehensive supply of SME explosives, LDC explosives (both cap and non-cap), and accessories such as Cast Booster, Detonating Fuse, Cord Relay, Nonel, and Electronic Detonators.
The explosives will support SCCL's overburden (OB) blasting at various opencast projects, with deliveries scheduled over a two-year period. This new contract positions Premier Explosives favourably, potentially strengthening its financial outlook for investors aiming to invest in stocks with growth potential.
Premier Explosives share performance and circuit lock
At 09:29 AM on 6th November, Premier Explosives' share price surged by 5%, or ₹22.70, to ₹477.15, locking at the upper circuit. This sudden increase reflected a significant demand, with buy orders pending for 21,885 shares and no sellers in sight. The upward movement in Premier Explosives shares reinforces investor confidence, showing strong market sentiment for those choosing to invest in stocks linked to defence and industrial explosives.
Key financial updates and upcoming board meeting
Premier Explosives has demonstrated notable growth in the past year, with its share price climbing over 95%. Currently, the stock is trading 47.53% below its 52-week high of ₹909.35, reached on 21st June 2024, and sits 102.18% above its 52-week low of ₹236.00, recorded on 7th November 2023.
A board meeting is scheduled on 11th November 2024 to review and approve the company's unaudited financial results for the quarter and half-year ending 30th September 2024. This meeting could provide further insights into the company's financial standing, an essential consideration for those planning to invest in stocks in the explosives and defence sector.
Premier Explosives: A look at growth and investor interest
Premier Explosives' impressive contract win from SCCL is expected to have a positive impact on its revenue and market performance, especially as it continues to attract interest from those keen to invest in stocks with growth-oriented outlooks. With its stock's upward trend and strong market performance over the last year, Premier Explosives is positioned as a compelling choice for investors, particularly those in search of stocks in specialised sectors like defence and mining solutions.
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