Apollo Micro shares rally 15% to hit new highs; stock up 270% in a year

Shares of Apollo Micro Systems soared during the trading session Wednesday to hit a new 52-week high amid heavy trading volumes. The multibagger counter from the aerospace and defence segment has kept the upward momentum intact in it.

Apollo Micro Systems' stock surged more than 15 per cent on Wednesday, to hit its new 52-week high at Rs 76.45, with a total market capitalization of close to Rs 1,700 crore. The scrip had settled at 72.45 during the day, up about 9 per cent from its previous close at Rs 66.68 on Tuesday.

Shares of Apollo Micro have rallied about 35 per cent in the last one month, while the stock is up 140 per cent in the year 2023 so far. It has surged about 270 per cent from its 52-week low at Rs 20.70, hit a year ago. The stock is up about 1,600 per cent from its covid-19 lows.

Recently, the company had received the approval from the National Stock Exchange of India (NSE) and the BSE for trading of 6.6 lakh equity shares issued and allotted to non-promoters on a preferential issue basis.

Earlier this month, the company informed the exchanges about its plans to set up a defence equipment manufacturing facility in Hardware Park, Hyderabad, which is subject to approval of the board of directors of the company. It has been proposed to complete the installation within nine months.

Also, Apollo Micro Systems was declared the lowest bidder in multiple projects from the Defence Research and Development Organisation (DRDO) and another government sector company. These projects hold a cumulative value of Rs 28 crore, the company informed the bourses.

Hyderabad-based Apollo Micro Systems is engaged in design, development, assembly and testing of ruggedised custom-built electronic hardware and software solutions for mission-critical applications. Its solutions are based on advanced technologies for the space, aerospace, defence, transportation and homeland security markets.

Also read: Hot stocks on October 18, 2023: Suzlon Energy, Zomato, Tejas Networks, Mazagon Dock and more

Also read: Bandhan Bank Q2 results: Profit soars 245% to Rs 721 crore; total income up 12%