Premier Explosives stock started the session higher at Rs 529.50 against the previous close of Rs 516.55 on BSE.

Premier Explosives' shares surged 10% to ₹567 after announcing an MoU with Global Munition Limited for a joint venture in defence and aerospace manufacturing.

Premier Explosives share price is likely to extend gain on second day on December 16 after the company entered into a Memorandum of Understanding (MOV) with Global Munition, a subsidiary of NIBE Ordnance and Maritime, to set-up a joint venture to manufacture defence and aerospace products.

In the joint venture, Global Munition Ltd will hold 51% equity share, while Premier Explosives Ltd will have 49%.

Premier Explosives stock hit a 10 per cent upper circuit in the Monday trading session after the firm entered in a joint venture with Global Munition.  Premier Explosives stock locked in 10 per cent upper-circuit at Rs 567.

The joint venture will be structured with a 51:49 equity split, with Global Munition holding the majority share. Premier Explosives Ltd manufactures explosives and & accessories.

Nibe Ordnance and Maritime Limited collaborates with Premier Explosives Limited in a joint venture to enhance India's defense manufacturing capabilities. The partnership aims to develop and supply advanced ammunition and aerospace products,

Premier Explosives shares rose 10% after signing an MoU with Global Munition for a joint venture to manufacture defense and aerospace products. The company also received a Rs 89.20 crore order from SCCL.