Apollo Micro Systems has been chosen as the lowest bidder for multiple projects from the Defence Research and Development Organisation (DRDO) and another government sector company.
Monday morning, shares of Apollo Micro Systems went up by about 9% after the company got some orders from the Defence Research and Development Organisation (DRD) and signed a big deal with it. The company said the same thing in a different filing with the exchange on Saturday.
Apollo Micro Systems has been chosen as the lowest bidder for multiple projects from the Defence Research and Development Organisation (DRDO) and another government sector company. The company said in an exchange statement that these projects are worth a total of Rs 28.15 Crores.
In another filing with the stock exchange, Apollo Micro Systems said that it had signed important deals with the Defence Research and Development Organisation (also called “DRDO”), which were big steps forward for its business.
The company said in its filing that these deals with DRDO are about the transfer of technology (ToT) for guidance and navigation technology, the weaponization of a hand-held thermal imager with a laser range finder (LRF), a rotary electromechanical actuator, and a unified avionics computer.
After the news, shares of Apollo Micro Systems went up about 9% to Rs 58.70, but then some of those gains were lost. The company now has a market value of more than Rs 1,350 crore. The last time the stock was traded, on Friday, it closed at Rs 53.88.
From its 52-week low of Rs 15.04 a year ago, Apollo Micro Systems shares have gone up by more than 290%. In the last six months, the price has gone up about 125%, and so far in 2023, it is up about 95%. Since its low point in Covid-19, the stock has gone up a huge 1,200%.
Shares of Apollo Micro Systems were split in a 1:10 ratio earlier this year. In May 2023, each share of the company that was worth Rs 10 was split into 10 shares that were each worth Rs 1. Apollo Micro Systems, which was founded in 1997 and is based in Hyderabad, made its first appearance on Dalal Street in 2018.
It is in the business of designing, making, and supplying electronic, electromechanical, and building products. It creates, develops, and markets high-performance, mission- and time-critical defence, space, and homeland security technologies for both the public and commercial sectors.