 "Apollo Micro Systems surges 5% on securing Make II project from Indian Army")
Apollo Micro Systems stock soars: Shares of Apollo Microsystems rallied as much as 4.97 per cent to hit an intraday high of Rs 109.80 per share on Monday.
The uptick in share price came after the company announced that it has been awarded a project by the Indian Army.
In an exchange filing, Apollo Micro Systems said, “We are pleased to inform you that Apollo Micro Systems Limited is shortlisted keeping in view the capability and was awarded Make II project by the Indian Army.”
This project is for the procurement of a Vehicle Mounted Counter Swarm Drone System (VMCSDS) (Version I) under the Make II category of DAP-2020.
“This project is a very prestigious and first Make II project for the company,” Apollo Microsystems said. As a Make II project, there will be no cost obligation involved, it added.
The company will be required to deliver the order in 85 weeks for single stage composite trials and staff evaluation.
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Q4FY24 financial performance
Apollo Micro Systems’ revenue grew 26.7 per cent while its profit zoomed 79.3 per cent, respectively, in the March quarter (Q4FY24).
Operating income rose 20.9 per cent quarter-over-quarter (Q-o-Q) and 37.9 per cent year-on-year (Y-o-Y). Meanwhile, Q4 EPS stood at Rs 0.48, marking a whopping 256.1 per cent increase Y-o-Y.
Apollo Microsystems Ltd specialises in the design, development, and manufacturing of mission-critical electronic systems and subsystems for aerospace, defence, space, and homeland security applications.
The company primarily serves the aerospace and defence sectors, providing advanced electronic solutions for critical applications. It offers a wide range of products including high-performance embedded computing systems, ruggedised computers, electronic systems for missile applications, avionics systems, and more.
The market capitalisation of Apollo Micro Systems is Rs 3,281.54 crore, according to Bombay Stock Exchange (BSE). The stock falls under the SmallCap category.
The 52-week high of the stock is Rs 161.75 per share while its 52-week low is Rs 52.05 per share.
At 11:08 AM, shares continued to trade 4.97 per cent higher at Rs 109.80. In comparison, BSE Sensex was up 0.24 per cent at 80,715.41 levels.