Multibagger penny stock under Rs 60: This aerospace & defence company has been declared as the lowest bidder in multiple orders worth Rs 28.15 crore from DRDO!

The stock gave multibagger returns of 200 per cent in just 1 year whereas BSE small-cap Index is up by 28 per cent.

Apollo Micro Systems Ltd is a pioneer in the design, development, assembly and testing of electronic and electro-mechanical solutions; informed has recently been declared as the lowest bidder in multiple projects from the Defence Research and Development Organisation (DRDO) and another government sector company. These projects hold a cumulative value of Rs 28.15 crore. This significant development occurred within the past week, and we are eagerly anticipating the release of the corresponding orders in the near future.

Earlier, the company incorporated a subsidiary company named “APOLLO DEFENCE INDUSTRIES PRIVATE LIMITED”.

Mr Karunakar Reddy Baddam, the promoter of Apollo Micro Systems Ltd, subscribed to 1,400 Equity Shares of Rs 10 each in Apollo Defence Industries Private Limited.

Apollo Defence Industries Private Limited will collaborate with both domestic and international companies to develop defence platforms. This business aligns with Apollo Micro Systems Limited's existing business and complements it, while also expanding the parent company's horizons to larger platforms by leveraging its technological support.

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The company reported positive numbers in its Quarterly Results and annual results. Additionally, the company announced a final dividend of 0.025 per equity share of the face value of Rs 1 each for the financial year 2022-2023. The record date was Friday, September 22, 2023. 

Furthermore, in the current financial year, the company underwent a stock split, reducing its face value from Rs 10 to Rs 1. The company traded ex-stock split on May 05, 2023.

On Friday, shares of Apollo Micro Systems plunged 0.51 per cent to Rs 53.87 per share with an intraday high of Rs 56.57 and an intraday low of Rs 53.50. The company has a market capitalization of 1,250 crore.

The stock gave multibagger returns of 200 per cent in just 1 year whereas BSE Small-Cap Index is up by 28 per cent. Investors should keep an eye on this aerospace & defence company stock.

Disclaimer: The article is for informational purposes only and not investment advice.