Shares of smallcap defence stock snap previous day’s losses, rise up to 1%

Shares of smallcap defence stock rise up to 1%.

Shares of a smallcap defence stock Apollo Micro Systems rose in September 23 trade, snapping previous day’s losses.

Shares of the company advanced nearly 1 percent to Rs 335.25 per share on the NSE, rising 0.96 percent at around 2 p.m. Shares of the company had settled lower in Monday's trading session.

The rise in the company's shares was witnessed after the company informed the stock exchanges that its board of directors approved the allotment of over 21 lakh equity shares following the conversion of warrants by its holders. The allotment was approved on September 22, the company said.

Earlier last week, the company informed exchanges that it has inked a Memorandum of Understanding (MoU) with Sibersentinel Technologies Limited and Zoom Technologies (India) Private Limited to develop cybersecurity solutions for nation's critical institutions.

Meanwhile, the benchmark indices staged a sharp recovery on Tuesday, trimming most of their early losses, as buying in banking and auto shares lifted investor sentiment on the day of weekly derivatives expiry.

Sensex, which had declined 383 points or 0.46 percent to hit an intraday low of 81,776.53, rebounded over 400 points to trade at 82,177.14, up 17.17 points or 0.021 perent at around 1:20 p.m.

The Nifty, after declining 118 points or 0.46 percent in early deals to a low of 25,084.65, was quoting at 25,199.35.

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