Premier Explosives bags order of Rs 14.99 crore from Bharat Dynamics
Premier Explosives Limited has bagged an order from Bharat Dynamics Limited (BDL) for supply of solid propellants for Medium Range Surface to Air Missile (MRSAM). The order is worth Rs 14.99 crore.
The order is to be executed within a period of 14 months. The order received is the first one from BDL upon induction of the missile. Premier Explosives is the sole supplier of solid propellant for this missile.
MRSAM (along with LRSAM, QRSAM, etc.) has been developed jointly by Israel Aerospace Industries, Israel and DRDO, India. Premier Explosives has been associated with the project since inception and has supplied solid propellants to DRDO during the development phase. This missile is being inducted by the Indian Army with integration being done by BDL.
Last month, the company had bagged an order from the Ministry of Defence, Air Headquarters (Vayu Bhavan), New Delhi, worth Rs 100.08 crore to be executed within 168 weeks. The order included supply of 50 mm chaffs cartridges.
On Wednesday, the stock of Premier Explosives closed at Rs. 184, down by 3.5 per cent, making intra-day low of Rs 183.25.