Premier Explosives Ltd. reported a fire accident at its factory located in Peddakandukur village, Yadadri Bhuvanagiri District, Telangana, on Jan. 4.
The fire, which occurred at approximately 9:30 a.m., led to significant damage to the building and equipment in one of the company's pyrotechnic manufacturing facilities.
Tragically, the incident resulted in the loss of one life, with another individual sustaining severe injuries. The injured person has been transferred to a hospital in Hyderabad for medical treatment.
The company has stated that the cause of the fire is under investigation, and it is fully cooperating with the relevant authorities. It also confirmed that the affected assets were fully insured. The company is currently in the process of assessing the actual financial loss caused by the incident.
In response to the disruption, Premier Explosives is taking measures to restore normal operations at the plant as soon as possible.
This incident follows the company's recent announcement of a new joint venture with Global Munition Ltd. on Dec. 13, 2024. The joint venture, which is expected to contribute Rs 500 crore to Premier Explosives' turnover over the next three years, will focus on manufacturing defence and aerospace products.
On Sept. 10, 2024, the company also signed a memorandum of understanding with Astra Microwave for the joint development and sale of products.
Premier Explosive stock closed 3.10% higher at Rs 551.05 apiece, compared to a 0.76% decline in the benchmark Nifty 50. It has risen 76.95% in the last 12 months. The relative strength index was at 59.29. There are no analysts tracking the stock currently.
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