Defence stock Apollo Micro Systems hits upper circuit after getting order from Indian Army

Stock market today: Apollo Micro Systems shares witnessed strong buying during morning deals as the company has declared receiving orders from the Indian Army. The defense and aerospace stock today opened with an upside gap at ₹109.76 apiece on NSE and touched 5 percent upper circuit within a few seconds of the Indian stock market's opening bell.

The small-cap company had informed Indian stock market exchanges on Friday last week about the receipt of the Make II project for the procurement of a Vehicle Mounted Counter Swarm Drone System from the Indian Army. The company said that it was the first Make II project award for the defense company. The company said that there will be no cost involvement in this Make II project.

Apollo Micro Systems news

Informing the Indian exchanges about the first Make II project award from the Indian Army, Apollo Micro Systems said, “We are pleased to inform you, in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that Apollo Micro Systems Limited is shortlisted keeping in view the capability and was awarded Make II project by the Indian Army. This project is for the procurement of a Vehicle Mounted Counter Swarm Drone System (VMCSDS) (Version I) under the Make II category of DAP-2020. This project is a very prestigious and first Make II project for the Company. The company is happy to share that the systems developed out of it are ‘state of the art’ and highly futuristic in nature.”

On the period by which the Indian Army order will be executed, Apollo Micro Systems Ltd said, “85 weeks for single stage composite trials and staff evaluation.”

This defense and aerospace stock is available for trade on BSE and NSE. It has a market cap of ₹3,364 crore, which means the defense stock is one of the mainboard small-cap stocks on Dalal Street. The current trade volume of this defense stock is around 10.08 lakh on NSE. The 52-week high of this defense and aerospace stock is ₹161.70 whereas its 52-week low is ₹51.25 apiece.

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