Multibagger defence stock Apollo Micro Systems shares surged more than 7% on Friday, 8 May, after the company announced fresh order wins worth ₹51.02 crore in the ordinary course of business.
According to the company’s filing, the orders include contracts worth ₹17.47 crore from the Ministry of Defence, ₹9.52 crore from public sector defence undertakings, and ₹24.01 crore from private companies.
The order inflow boosted investor sentiment, with the market reacting positively to the company’s continued traction in the defence and aerospace segment.
Last month, the firm announced it had obtained a governmental permit to produce and conduct proof-testing for defence weapon systems. The surge followed the declaration that the Government of India, through the Ministry of Commerce and Industry and the Department for Promotion of Industry and Internal Trade (DPIIT), has granted the company a license to manufacture ammunition.
In a filing with the exchange, the company stated that the lifetime license permits it to manufacture, assemble, integrate, and proof-test high-value strategic weapon systems and munitions.
The license encompasses weaponry with a calibre exceeding 12.7 mm, which includes missiles, anti-tank guided missiles (ATGMs), torpedoes, underwater mines, aerial bombs, rockets, and loitering munitions.
Apollo Micro Systems share price today
Apollo Micro Systems share price today opened at ₹314.30 per share on the BSE, touched an intraday high of ₹337.40 per share, and an intraday low of ₹313.10 per share.
Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, said the stock continues to exhibit a strong higher-top, higher-bottom formation, indicating a sustained uptrend. He noted that the stock was witnessing strong positive momentum, with prices rising more than 5% during the session.
According to Bhosale, the ongoing bullish trend is likely to continue, with the stock potentially moving towards the ₹360 level, which marks its previous all-time high. On the downside, he identified ₹320 as the stock’s immediate support zone.
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