Earlier, the company signed an agreement with state-owned Munitions India to jointly develop defence systems in the domestic and international markets.
Shares of Hyderabad-based Apollo Micro Systems Ltd (AMSL) were in action on Wednesday as the company shared an update regarding the receipt of business orders. The stock of smallcap aerospace and defence company gained as much as 2.46 per cent on the BSE. The counter opened in green and went on to hit an intraday high of Rs 114.55. The scrip had closed at Rs 111.75
in the last trading session.
Around 2.50 PM, the defence stock traded firmly in the green to quote over 1 per cent higher at Rs 113.30.
The counter has been gaining for the last two consecutive sessions. The counter is trading higher than 100-day and 200-day moving averages but lower than 5-day, 20-day and 50-day moving averages.
The surge in the share price comes as the company has informed exchanges that secured orders worth Rs 50.97 crore from multiple private companies.
The company said that it has been awarded orders from Reliable Technosystems (Rs 11.69 crore) and Corporate Infotech (Rs 39.28 crore). The time period by which the Reliable Technosystems’s contract is to be executed is within four months and three months for Corporate Infotech.
Apollo Micro Systems Share Price History
Share of Apollo Micro Systems declined by 12 per cent over the past month and over 6 per cent on a year-to-date (YTD) basis. While the small-cap stock has gained nearly 9 per cent in the last six months, it has fallen by 8 per cent over the past year.
It has given a multibagger return of 255 per cent in two years and 839 per cent in three years.
Earlier, the company signed an agreement with state-owned Munitions India to jointly develop defence systems in the domestic and international markets.
As part of the Memorandum of Understanding (MoU), both entities will identify and pursue opportunities for the design, development, and deployment of advanced defence technologies, Hyderabad-based AMSL said in a regulatory filing.