Apollo Micro Systems shares hit 52-week high on agreement with DRDO

AMSL shares rise in Aug 29 trade.

Shares of Apollo Micro Systems Ltd (AMSL) on Friday surged nearly 12 percent to hit a 52-week high after the company said it signed an agreement with the Defence Research and Development Organisation (DRDO).

The company informed the stock exchanges that it has signed a pact with DRDO for the transfer of technology of the Omni-Directional multi-EFP warhead for the NASM-SR missile.

It also received approval from DRDO’s Directorate of Civilian Production and Procurement (DcPP) to act as the production agency for the Multi-Influence Ground Mine (MIGM) – Vighana.

Following the announcement, the stock jumped 11.93 percent to touch an intraday high of Rs 271.40 on the NSE, marking a fresh 52-week high. It later pared some gains to settle at Rs 262, up 8.05 percent.

In its quarterly earnings, the Hyderabad-based defence and aerospace solutions provider reported a consolidated net profit of Rs 17.68 crore for the April-June period, more than double the Rs 8.42 crore posted in the year-ago quarter.

Total income rose 46.49 per cent to Rs 134.45 crore in the first quarter of 2024-25, from Rs 91.78 crore in the corresponding period of the previous year, the company said in a filing.

AMSL provides technology-based solutions across infrastructure, transportation, aerospace and defence sectors.

(PTI Inputs) 

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