Apollo Micro Systems stock surges 11% on bagging Rs 114-cr export order, extends gains to 51% in 1 month

Apollo Micro Systems stock surges 11% on bagging Rs 114-cr export order, extends gains to 51% in 1 month

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Shares of Apollo Micro Systems surged over 11% on May 28 after the firm said it bagged an export order worth Rs 114 crore for development of an avionic system.

"This project pertains to the development of an advanced avionics system intended for use in civil and military aircraft applications. However, due to the sensitive nature of the engagement, specific technical and program details are bound by a Non-Disclosure Agreement (NDA) with the customer," said the company in a stock exchange filing.

The stock gained a whopping 51% in the past one month amid the run-up in defence stocks due to India-Pakistan border tensions.

At 12 pm on May 28, the company's shares were trading 11% higher at Rs 173 apiece. Earlier in the day, the stock hit its all-time high of Rs 175. Its 52-week low is Rs 88. The market capitalisation of the stock is Rs 5,300 crore.

Meanwhile, the Nifty Defence index rose for the sixth straight day by trading nearly 1% higher.

Unimech Aerospace was leading the gains in the index by rising 10%, followed by Astra Microwave (4%) and Garden Reach Shipbuilders & Engineers Ltd (3.5%).

The upmove in defence shares came even as the benchmark indices were trading in red.

At 12:15 pm on May 28, the Sensex was down 204.98 points or 0.25% at 81,346.65, and the Nifty was down 64.80 points or 0.26% at 24,761.40. About 1,850 shares advanced, 1,472 shares declined, and 138 shares were unchanged.