Apollo Micro shares rise 9% as company bags orders from DRDO and government

Shares of Apollo Micro Systems surged about 9 per cent in the early trading session on Monday after the company bagged some orders from Defence Research and Development Organisation (DRD) and entered into significant agreement with it. The company informed about the same through separate exchange filing on Saturday.

Apollo Micro Systems has been declared as 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 28.15 Crores, said the company in an exchange filing.

In another exchange filing, Apollo Micro Systems said that it has entered into significant agreements with the Defence Research and Development Organisation (‘DRDO’), which represent substantial advancements in its business operations.

These agreements with DRDO pertains to transfer of technology (ToT) for guidance and navigation technology; weaponization of hand-held thermal imager with laser range finder (LRF); rotary electro mechanical actuator and unified avionics computer, added the company in the filing.

Following the announcement, shares of Apollo Micro Systems jumped about 9 per cent to Rs 58.70, before giving up its gains partially, commanding a total market capitalization of more than Rs 1,350 crore. The scrip had settled at Rs 53.88 in the previous trading session on Friday.

Shares of Apollo Micro Systems have delivered a return of more than 290 per cent from its 52-week low at Rs 15.04 hit a year ago. The stock has surged about 125 per cent in the last six months, while it is up about 95 per cent in the year 2023 so far. The stock has rallied a whopping 1,200 per cent from its Covid-19 lows.

Earlier this year, shares of Apollo Micro Systems were split in a 1:10 ratio. In may 2023, each share of the company, with a face value of Rs 10 each was divided into 10 shares with a face value with Re 1 each. Incorporated in 1997, Hyderabad-based Apollo Micro Systems made its Dalal Street debut in 2018.

It is 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.

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