Premier Explosives share price jumped over 4% in early trade on Thursday after the company announced receipt of an order from the Ministry of Defence. The defence stock rallied as much as 4.14% to ₹551.85 apiece on the BSE.
Premier Explosives announced that it has received an order for an amount of ₹7.83 crore from the Ministry of Defence, Government of India, for procurement of Counter Measures.
The order is to be delivered within a period of 12 months, it said in a regulatory filing on September 10.
Premier Explosives is a manufacturer of industrial explosives and detonators, and also undertakes operation and maintenance (O&M) services.
Technical Outlook
Premier Explosives share price is shaping a 183-day long cup-and-handle pattern, a bullish formation that’s still under development, noted Anshul Jain, Head of Research at Lakshmishree Investments.
“The structure signals strength, but the real momentum trigger will only come once Premier Explosives stock breaks decisively above the ₹600 level. A breakout there, backed by volumes, could set the stage for a sharp rally towards ₹750. Aggressive traders may consider gradual accumulation ahead of the move, but the safer play remains to wait for confirmation above ₹600,” Jain said.
With the pattern maturing, the stock is entering a crucial zone where price and volume action will determine the next strong leg up, he added.
Premier Explosives Share Price Performance
Premier Explosives share price has rallied 25% in one month, but has fallen 10% in three months. The defence stock has jumped 65% in six months, while it has eased 5% in one year.
Over the long-term, Premier Explosives shares have delivered multibagger returns as the stock has surged 151% in two years, and has skyrocketed 2,170% in five years.
At 9:45 AM, Premier Explosives share price was trading 2.43% higher at ₹542.80 apiece on the BSE.
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