• Source:JND
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Defence Stock: The shares of Apollo Micro Systems soared over 17 per cent during the session on Friday after the defence sector company informed that it received manufacture licence for a range of defence weapon systems and ammunition from the government.

The stock started the session flat at Rs 244.45 as compared to Rs 242.17 on NSE. However, after the company announced the development, the shares skyrocketed over 17 per cent to hit a high of Rs 284.60--till afternoon amid massive buying interest.

At the time of writing, the stock was trading at Rs 284, up Rs 41.83 or 17.27 per cent. Meanwhile, its 52-week high and low values stood at Rs 354.70 and 110.37, respectively.

DPIIT Issue Licence

According to an exchange filing, the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry issued the license on April 10, and the same has lifetime validity.

"The License authorises Apollo Micro Systems Limited to manufacture, assemble, integrate, and proof-test the following high-value strategic weapon systems and munitions," the filing said.

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According to the filed documents, this authorisation allows manufacturing, assembling, and testing of high-capacity weapon systems that include missiles, anti-tank guided missiles (ATGMs), aerial bombs, rockets, torpedoes, and loitering munitions.

The licence also includes manufacturing and testing of reaction systems such as chaff, decoys, and decoy devices. Manufacturing and testing will be conducted at the company's facilities in Hyderabad.

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Share Price History

The Defence stock soared over 20 per cent in the last five trading sessions. The company shares rose nearly 40 per cent in a month. In a year, the stock soared over Rs 130 per cent, while in 3 years period the stock soared over 250 per cent.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice. 


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