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Apollo Micro Systems shares gain 4% on securing Rs 77 crore order; details
Source: Business Standard
The uptick in Apollo Micro Systems share price came on the back of multiple order wins worth Rs 77 crore.
In an exchange filing, the company said, “We are delighted to inform you that the Company has received the orders from Economic Explosives Ltd and ARDE- Defence Research and Development Organisation (DRDO) worth Rs 4.70 crore.”
According to the order details, the company secured an order worth Rs 4.7 crore from Economic Explosives Ltd and ARDE- Defence Research and Development Organisation (DRDO). However, the company did not disclose the details of the project.
In the same filing, the company said, “We are also pleased to inform you that the company has been declared as the Lowest Bidder (L1) for GNC Kit by Munitions India Ltd, with a project worth of Rs. 72.26 crores.”
In the second order, Apollo Micro Systems emerged as the lowest bidder (L-1) for a project worth Rs 72.26 crore for GNC Kit by Munitions India Ltd.
Apollo Micro Systems, founded in 1985, is a major player in India’s electronic and electro-mechanical sectors.
The company excels in designing, developing, assembling, and testing high-performance solutions essential for mission-critical and time-sensitive operations.
AMS’s extensive services include electronic manufacturing, PCB fabrication, embedded software development, circuit board assembly, and custom-built electronic systems, catering to diverse industries such as aerospace, defence, space, avionics, homeland security, and transportation.
The company’s customer base include entities like DRDO, Indian Army, Indian Navy, and major corporations like Adani and L&T.
The company is expanding its capabilities with a new 250,000 sqft defence electronics manufacturing facility in Hyderabad, featuring clean rooms and a comprehensive testing facility.
Additionally, AMS has ventured into defence diversification through its subsidiary, Apollo Defence Industries Pvt. Ltd.
The current manufacturing plant in Hyderabad spans 55,000 sq.ft., housing over 300 employees and adhering to Directorate General of Quality Assurance (DGQA) standards for inspection and testing.
At 11:24 AM, shares of Apollo Micro Systems were trading 3.08 per cent higher at Rs 110.45 per share. In comparison, BSE Sensex was trading 0.12 per cent higher at 82,993.90 levels.
First Published: Sep 16 2024 | 11:28 AM IST
