Multibagger Premier Explosives shares hit 10% upper circuit, gain 78% in just 8 sessions – here's why

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Premier Explosives was one such stock that continued its robust rally. The stock in today's session hit the 10% upper circuit limit to reach a fresh record high of ₹3,882 apiece.Over the last eight sessions alone, the stock has surged from ₹2,186 to its current price, marking an impressive rally of 77.60%.

So far this year, the stock has already gained 144%, building on its whopping 278% gain in CY23.Also Read: Paras Defence and Space Tech share price surges over 18%. Here's whyWith the BJP securing a third consecutive term in power, supported by its allies, investors are buoyed by the prospects of policy continuity and ongoing economic reforms.

One significant area of emphasis for the government is the defence sector, which is undergoing a transformative phase characterised by increasing funding, expanding defence budgets, and rising defence exports.Rajnath Singh, who assumed office as Defence Minister on Friday, announced that the government aims to boost defence sector exports to ₹50,000 crore over the next five years, reaffirming an earlier milestone set by the government.Over the past decade, the government has launched several initiatives to enhance self-reliance in supplying advanced weapon systems to the Indian Armed Forces, along with facilitating exports to Friendly Foreign Countries (FFCs). Also Read:Hindustan Aeronautics gets defence ministry RFP for 156 light combat helicoptersThese efforts have opened up growth avenues for domestic defence manufacturing companies.

With the Defence Ministry aiming for 70% self-sufficiency in weaponry by 2027, significant opportunities are on the horizon for industry players. Additionally, under the 'Atmanirbhar Bharat Programme,' the Defence Ministry has placed '101+ Defence