Apollo Micro Systems shares saw strong buying this morning as the company announced it received orders from the Indian Army. The stock opened at ₹109.76 per share on NSE and quickly hit the 5% upper circuit after the stock market opened.
Order Details
Last Friday, the company informed the Indian stock market exchanges that it received its first Make II project order for a Vehicle Mounted Counter Swarm Drone System from the Indian Army. This order does not involve any cost for the company.
Company Announcement
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.”
Project Timeline
The company stated that it has 85 weeks to complete the single-stage composite trials and staff evaluation for the Indian Army order.
Stock Information
Apollo Micro Systems is traded on both BSE and NSE, with a market cap of ₹3,364 crore. The stock’s current trade volume on NSE is around 10.08 lakh shares. Its 52-week high is ₹161.70, and its 52-week low is ₹51.25 per share.
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