Defence Company Has Been Declared As The Lowest Bidder (L1) For Orders Worth Rs 28.74 Crore From Bharat Electronics Ltd & Indian Navy
The stock is up by 64.6 per cent from its 52-week low of Rs 63.35 per share and gave multibagger returns of over 1,400 per cent in 5 years.
On Thursday, shares of Apollo Micro Systems Ltd jumped 3.11 per cent to an intraday high of Rs 104.25 per share from its previous closing of Rs 101.10 per share. The stock’s 52-week high is Rs 161.70 per share and its 52-week low is Rs 63.35 per share.
Apollo Micro Systems Ltd informed that the company has been declared as the Lowest Bidder (L1) for orders worth Rs 28.74 crore from Bharat Electronics Limited (BEL) and CNA (OF) Pune, Indian Navy. The order from BEL is a proprietary order.
Earlier, the company announced that it had been selected by the Armament Research and Development Establishment (ARDE), DRDO, for the Transfer of Technology (ToT) related to the production of PRACHAND Munition Hardware. This anti-tank munition with full-width attack capability will be manufactured and supplied to the Indian Armed Forces by Apollo Micro Systems. The company anticipates a substantial market for this product and is prepared to produce it in large quantities.
Additionally, Apollo Micro Systems has received a Rs 5.72 crore order from Reliable Technosystems India Pvt Ltd for electronic modules. The company's recent successes include securing a Rs 4.70 crore contract from Economic Explosives Ltd and ARDE-DRDO, being declared the L1 bidder for a Rs 72.26 crore GNC Kit project by Munitions India Ltd and receiving a Rs 10.90 crore order from Bharat Dynamics Limited for innovative homing systems for heavy-weight torpedoes developed in collaboration with DRDO. Furthermore, Apollo Micro Systems has been awarded a Rs 5.73 crore contract to develop Rocket Guided Bombs for Anti-Submarine Warfare, marking its entry into the complete development and manufacturing of such weapons.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
About Apollo Micro Systems Ltd.
Established in 1985, Apollo Micro Systems is at the forefront of creating, constructing, and validating crucial electronics and electro-mechanical solutions for sectors such as aerospace, defence, and space. The company is renowned for its commitment to research and development, resulting in notable projects such as torpedo-homing systems and underwater mines.
According to Quarterly Results, total income increased by 58 per cent to Rs 91.80 crore and profit after tax (PAT) increased by 410 per cent to Rs 8.43 crore in Q1FY25 compared to Q1FY24 while in its annual results, the net sales increased by 24.91 per cent to Rs 371.63 crore and profit after tax (PAT) increased by 66.01 per cent to Rs 31.11 crore in FY24 compared to FY23.
The company falls under the BSE Small-Cap Index with a market cap of Rs 3,180 crore. The promoters of the company bought 1,86,66,000 shares and increased their stake to 55.12 per cent in June 2024 compared to 53.21 per cent in March 2024. The stock is up by 64.6 per cent from its 52-week low of Rs 63.35 per share and gave multibagger returns of over 1,400 per cent in 5 years. Investors should keep an eye on this aerospace & defence stock.
Disclaimer: The article is for informational purposes only and not investment advice.