Apollo Micro Systems shares in focus today on defence facility expansion update, key details

Shares of Apollo Micro Systems are in focus today following the announcement of plan to set up Weapon System Platforms in two plots allotted in Hyderabad. The total cost of acquisition of land will be Rs 27.58 crore. The expansion of weapon integration facilities will cost nearly Rs 300 crore. 

Shares of Apollo Micro Systems closed 2.7% lower at Rs 239.20 on Monday. Market cap of the firm stood at Rs 8477.05 crore. The stock has clocked gain of 82.18% in a year and risen 567% in three years. 

"Apollo Micro Systems Ltd. has been allotted Plot Nos. 4 and 5 aggregating to an area of 22,988 square meters at TSIIC, Hardware Park Phase II, Hyderabad, at an allotment price of Rs 12,000 per square meter. The total consideration for the acquisition of the said land amounts to Rs 27,58,56,000 (Rupees Twenty-Seven Crores Fifty-Eight Lakhs Fifty-Six Thousand only)," said the defence firm. 

"The company proposes to undertake capital expenditure for the development of the aforesaid site into an integrated facility for the manufacturing, assembly, integration and testing of Weapon System Platforms such as Grad Rockets, Anti-Submarine Warfare Rockets, Anti-Tank Mines, Artillery Munitions and other similar products, with an estimated investment of approximately Rs 30,000 lakhs," it added. 

Apollo Microsystems is an electronic, electro-mechanical, engineering designs, manufacturing and supplies company. Its designs, develops and sells high-performance, mission and time critical solutions to defence, space and home land security for ministry of defence, government-controlled public sector undertakings and private sectors.