Shares of Premier Explosives Ltd. hit a record high on Tuesday after it won an order worth Rs 552 crore from the Ministry of Defence.
Premier Explosives has received a Rs 292.1-crore order for chaffs as well as for flares worth Rs 260.2 crore. The chaff and flares are to be delivered over the course of 12 months, according to an exchange filing.
Shares of Premier Explosives surged 20% to hit the upper circuit and trade at Rs 590.55, against a 0.69% gain in the NSE Nifty 50 at 11 am.
The average traded volume so far in the day stood at 40.5 times its monthly average. The relative strength index was at 88.13, indicating the stock may be overbought.
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