Premier Explosives stock hits 10% upper circuit on setting up JV for defence and aerospace products
Live MintStock Market Today: Shares of Premier Explosives were locked in the 10% upper circuit limit at ₹567 apiece in early morning trade on Monday, December 16. This surge came after the company announced it had entered into a Memorandum of Understanding with Global Munition Limited, a subsidiary of NIBE Ordnance and Maritime Limited, to establish a joint venture for manufacturing defence and aerospace products. In the proposed joint venture, Global Munition Limited and Premier Explosives Limited will hold equity in the ratio of 51:49, according to the company's regulatory filing. Defence Sector Outlook The Indian defence and aerospace sector is rapidly evolving, driven by the government’s strategic push towards self-reliance and indigenisation under the “Make in India” initiative.
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