Apollo Micro Systems rallies 3% on trading nod to 6.6 lakh equity shares

So far this year, the stock of this smallcap company has soared 127 percent versus 8 percent rise in the Sensex benchmark

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Shares of Apollo Micro Systems rallied 3 percent to Rs 68 on the BSE on October 11 after the National Stock Exchange of India (NSE) and the BSE granted trading approval of 6.6 lakh equity shares issued and allotted to non-promoters on a preferential issue basis. The S&P BSE Sensex was up 353 points or 0.5 percent to 66,443 levels, as of 9:20am.

So far this year, the stock of this smallcap company has soared 127 percent as against an 8 percent rise in the benchmark Sensex. The stock had touched a record high of Rs 74 on October 6.

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Apollo Micro Systems is engaged in design, development, assembly and testing of ruggedised custom-built electronic hardware and software solutions for mission-critical applications. The company’s solutions are based on advanced technologies for the aerospace, defence, space, transportation and home land security markets.

Earlier, the company had informed the exchanges that it plans to set up a defence equipment manufacturing facility in Hardware Park, Hyderabad, subject to approval of the board of the company. It has proposed to complete the installation within nine months.

Also Read: CLSA boosts India allocation on strong economic fundamentals

Apollo Micro Systems was declared 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 crore.

The management intends to invest in additional manufacturing capacity. “In view of this, we allocated Rs 30 crore during the year towards capacity expansion as we plan to set up two new manufacturing units at our Hyderabad location over the next few years through organic means. Once operational, we expect our manufacturing capacity is expected to expand to over 3 lakh square feet,” said Karunakar Reddy Baddam, managing director of Apollo Micro Systems, in the annual report.

In the April-June-ended quarter of FY24 (Q1), the company’s net profit had jumped 11 percent year-on-year to Rs 1.8 crore, while revenue from operations surged to Rs 58.06 crore from Rs 56.41 crore.

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