Defence company, Premier Explosives gained momentum on Wednesday, September 4, 2024, after selloffs in two consecutive day. This comes after the company announced to delivery of a 25% dividend for FY24, after carrying its first-ever stock split earlier this year. Premier Explosives is a multi-bagger with gains of more than 160% in 12 months.
Premier Explosives Share Price:
Premier Explosives' share price ended at Rs 575.50 apiece, up by 2.7% on BSE after market hours of September 4, 2024. The company's market cap is at Rs 3,093.96 crore. However, the stock is down by 36.7% from its 52-week high of Rs 909.35 apiece but is trading higher by a whopping 195% from its 52-week low of Rs 195.04 apiece.
YTD, the stock is up by 84.3% on BSE. While in a year, the stock zoomed by 161.03%. Premier Explosives' all-time gains are breathtaking at 24,264.41% on the exchange. The stock was merely at the Rs 2.36 level in mid-July 1995.
Premier Explosives Dividend:
On September 3, 2024, the company informed exchanges that "Shares of our company underwent a sub-division at a ratio of 1:5, with the 'record date being June 21, 2024. The new face value of each equity share is Rs. 2/-."
Accordingly, the company said that a dividend of Rs. 0.50/- (i.e., 25%) per equity share of Rs. 2/- each for the financial year ended March 31, 2024, will be paid to the shareholders, subject to the approval of shareholders at the forthcoming 44th Annual General Meeting of the company.
Premier Explosives Stock Split:
The stock first time split on June 21, 2024, in a ratio of 1:5. This meant that 1 equity share of Premier Explosives at a face value of Rs 10 each was split into five smaller shares with a face value of Rs 2 each.
On the ex-split date aka June 21, the stock ended at Rs 885 apiece on NSE. While on the ex-split date, the company had also touched a new 52-week high of Rs 908.80 apiece.
Premier Explosives Outlook:
Dr. A. N. Gupta, Non-Executive Chairman of Premier Explosives in the annual report for FY24, said, FY24 marks a milestone year for Premier Explosives Limited, not just for the financial growth we have achieved but for the strides we have made in our strategic objectives. Our focus on indigenisation has enabled us to continue leading the production of high-energy materials for defence and space applications. We have developed low-cost processes and techniques for producing industrial explosives, expanded our capacity for missile integration, and successfully met the full requirements of ISRO's strap-on motors. These accomplishments reflect our vision of becoming a global leader in our segment through relentless research and development of knowledge-based products."
Gupta added that the company's robust order book, standing at ₹8,994 million as of June 2024, further reflects its clients' trust and confidence in the company's capabilities. He added, "These accomplishments reflect our vision of becoming a global leader in our segment through relentless research and development of knowledge-based products."
Going ahead, Gupta said, "We are poised to enter new export markets for defence products and high-energy components, further expanding our global footprint. The leadership team, our esteemed Board of Directors, and our efficient, empowered workforce remain committed to taking Premier Explosives Limited to even greater heights. Together, we are propelling the company into a new future where our innovations continue to shape the industry and our milestones set new benchmarks for excellence."
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