Apollo Micro Systems is a Hyderabad-based electronic manufacturing, hardware designing, weapon integration and platform integration.
Stock Market News: Apollo Micro Systems shares tarded higher at 15 per cent on Wednesday. The rally came weeks after the company incorporated a separate entity to carry out the business in the defence sector. Prior to that, the small cap stock had entered into significant agreements with the Defence Research and Development Organisation (DRDO). These projects hold a cumulative value of Rs 28 crore.
On Wednesday, Apollo Micro Systems shares rallied 15 per cent to hit 52-week high of Rs 76.40 on NSE.
Apollo Micro Systems is a Hyderabad-based electronic manufacturing, hardware designing, weapon integration and platform integration.
Last week, Apollo Micro Systems had received trading approval from the National Stock Exchange of India (NSE) and the BSE of 6.6 lakh equity shares issued and allotted to non-promoters on a preferential issue basis.
Earlier, a PTI report had said that Apollo Micro has plans to set up a defence equipment manufacturing facility in Hardware Park, Hyderabad with an investment of Rs 150 crore. In a statement, the company said it has incorporated a subsidiary named Apollo Defence Industries Pvt Ltd (APDIPL) on Sept. 21, 2023.
Promoter Karunakar Reddy has subscribed to 1,400 equity shares of Rs 10 each in APDIPL, the statement added.
It further said that APDIPL shall work on defence platforms through collaborated approach both in domestic and international companies.
In the first quarter (April-June) of FY24, the company’s net profit had jumped 11 per cent year-on-year to Rs 1.8 crore. The revenue from operations stood at Rs 58.06 crore.
Apollo Micro Systems provides mission and time-critical solutions for the government, private defence players, space and homeland security. Its shares have delivered a multibagger return of 130 per cent in the last six months.