AMS shares rise 4% as subsidiary bags fresh order worth Rs 421 crore

Shares of Apollo Micro Systems Ltd (AMSL) on Wednesday rose over 4 percent after its subsidiary received a fresh order worth about Rs 421 crore.

The stock settled at Rs 270.95 apiece on the NSE, up 4.27 percent. During the day, it hit the upper circuit limit of 5 percent at Rs 272.80.

The buying interest came after the company said its step-down subsidiary, IDL Explosives Ltd, had received a running contract for supply of bulk explosives to subsidiaries of Coal India Ltd.

In a regulatory filing, the company said the contract was valued at Rs 4,193.96 million. The subsidiary has also received an export order worth Rs 15 million for supply of cartridge explosives.

"The cumulative value of orders received amounts to Rs 4,208.96 million," the company said.

The company is a Hyderabad-based small-cap company engaged in the aerospace and defence sector.

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