Apollo Micro Systems share price rallied over 3% on Tuesday after the company announced the receipt of an order from DRDO. The defence stock gained as much as 3.71% to ₹269.50 apiece on the BSE.
The aerospace and defence company Apollo Micro Systems said that it received two orders totalling to ₹27.37 crore. The first order is worth ₹5.77 crore from the Defence Research and Development Organisation (DRDO), while the second order was from a private company amounting to ₹21.6 crore.
“We wish to inform you that Apollo Micro Systems Limited has received orders amounting to INR 57.69 Million from DRDO and INR 216.00 Million from Private Company, in the normal course of business,” Apollo Micro Systems said in a regulatory filing on November 25.
The total orders received by the company amounts to ₹273.69 million, it added.
Earlier on November 22, the company informed that it received an export order valued at $18,92,500 (equivalent to approximately ₹16.98 crore).
Apollo Micro Systems Share Price Performance
Apollo Micro Systems share price has fallen 8% in one month and has risen 7% in three months. The defence stock has rallied 93% in the past six months, while it has jumped by 122% on a year-to-date (YTD) basis. Over the past one year, Apollo Micro Systems share price delivered multibagger returns of 180% and it has jumped by a staggering 2,250% in the past five years.
Technical Outlook
Apollo Micro Systems share price is trading right around its major support zone near ₹268, a level the stock has respected multiple times in the past, noted Anshul Jain, Head of Research, Lakshmishree Investments.
“A weekly close below this zone would confirm a breakdown and shift the trend decisively to the downside. If that happens, the immediate targets open up at ₹216, and below that, the next meaningful support sits near ₹170. The current price action also hints at a pre-emptive buying climax, where rallies are getting sold into and demand is weakening,” said Jain.
Given this setup, he advises to avoid fresh long positions until Apollo Micro Systems share price stabilizes or reclaims key levels with strength.
At 1:20 PM, Apollo Micro Systems share price share price was trading 3.43% higher at ₹268.75 apiece on the BSE.
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