Premier Explosives today announced that the company has entered into a joint development agreement with Indian Institute of Technology (IIT), Madras for carrying out collaborative research projects in the area of high energy materials.

This is the company's second such collaboration, the first one being with Gulbarga University, Gulbarga, Karnataka.

Shares of the company gained Rs 3.4, or 2.24%, to settle at Rs 155.05. The total volume of shares traded was 13,683 at the BSE (Friday).