Apollo Micro shares jump 8%; company to set-up new manufacturing facility
Apollo Micro Systems proposes to set up a state-of-the-art defence equipment manufacturing facility in Hardware Park, Hyderabad subject to approval by the board of directors.
- Oct 3, 2023,
- Updated Oct 3, 2023 12:16 PM IST
Shares of Apollo Micro Systems surged more than 8 per cent during the early trading session on Tuesday after the company proposed to set up a defence equipment manufacturing facility in Hyderabad. It was informed about the same through an exchange filing on Monday. Apollo Micro Systems proposes to set up a state-of-the-art defence equipment manufacturing facility in Hardware Park, Hyderabad subject to approval by the board of directors of the company, the company said in the exchange filing. "The company intends to perform 'Bhumi Pooja' for the plant during upcoming Dussehra and plans to complete within a period of nine months," it added. The company will invest a total of about Rs 150 crore in the upcoming venture. The proposed new units will add an additional infrastructure of 3,00,000 square feet to its existing infrastructure and will house a defence electronics and electro-mechanical manufacturing facility capable of handling bulk production, said the company. Following the announcement, shares of Apollo Micro Systems rallied more than 8 per cent to Rs 61.50 on Tuesday, before giving up its gains partially to Rs 60.55 at 11.25 am. The total market capitalization of the company topped Rs 1,450 crore mark. The scrip had settled at Rs 56.73 in the previous trading session. The stock has rallied over 252 per cent from its 52-week low at Rs 17.46, hit on September 30, 2023. The counter has gained about 34 per cent in the last three months, which has surged more than 115 per cent in the last six months. The stock has zoomed about 1,300 per cent from its covid-19 lows. The company has recently incorporated a wholly owned subsidiary named Apollo Defence Industries Private Limited, which will focus on forming alliances and technological partnerships with various international companies to provide defence solutions and serve the nation. Apollo Micro Systems recently bagged some orders from Defence Research and Development Organisation (DRDO) and entered into significant agreement with it. It emerged as the lowest bidder in multiple projects with a cumulative value of Rs 28.15 crore. Earlier this year, Apollo Micro Systems' shares were split in a 1:10 ratio. Incorporated in 1997, Hyderabad-based Apollo Micro Systems made its Dalal Street debut in 2018. THe company engaged in the business of electronic, electro-mechanical, engineering designs, manufacturing and supply. It designs, develops and sells high-performance, mission and time critical solutions to defense, space and homeland security for public sector and private sector.
Shares of Apollo Micro Systems surged more than 8 per cent during the early trading session on Tuesday after the company proposed to set up a defence equipment manufacturing facility in Hyderabad. It was informed about the same through an exchange filing on Monday. Apollo Micro Systems proposes to set up a state-of-the-art defence equipment manufacturing facility in Hardware Park, Hyderabad subject to approval by the board of directors of the company, the company said in the exchange filing. "The company intends to perform 'Bhumi Pooja' for the plant during upcoming Dussehra and plans to complete within a period of nine months," it added. The company will invest a total of about Rs 150 crore in the upcoming venture. The proposed new units will add an additional infrastructure of 3,00,000 square feet to its existing infrastructure and will house a defence electronics and electro-mechanical manufacturing facility capable of handling bulk production, said the company. Following the announcement, shares of Apollo Micro Systems rallied more than 8 per cent to Rs 61.50 on Tuesday, before giving up its gains partially to Rs 60.55 at 11.25 am. The total market capitalization of the company topped Rs 1,450 crore mark. The scrip had settled at Rs 56.73 in the previous trading session. The stock has rallied over 252 per cent from its 52-week low at Rs 17.46, hit on September 30, 2023. The counter has gained about 34 per cent in the last three months, which has surged more than 115 per cent in the last six months. The stock has zoomed about 1,300 per cent from its covid-19 lows. The company has recently incorporated a wholly owned subsidiary named Apollo Defence Industries Private Limited, which will focus on forming alliances and technological partnerships with various international companies to provide defence solutions and serve the nation. Apollo Micro Systems recently bagged some orders from Defence Research and Development Organisation (DRDO) and entered into significant agreement with it. It emerged as the lowest bidder in multiple projects with a cumulative value of Rs 28.15 crore. Earlier this year, Apollo Micro Systems' shares were split in a 1:10 ratio. Incorporated in 1997, Hyderabad-based Apollo Micro Systems made its Dalal Street debut in 2018. THe company engaged in the business of electronic, electro-mechanical, engineering designs, manufacturing and supply. It designs, develops and sells high-performance, mission and time critical solutions to defense, space and homeland security for public sector and private sector.