Apollo Micro shares rebound on multiple order wins

Apollo Micro shares rebound on multiple order wins

Shares of Apollo Micro Systems rebounded about 4 per cent to Rs 121 on Wednesday, with a total market captialization stood more than Rs 3,200 crore.

Apollo Micro Systems has recently secured multiple orders amounting to Rs 20.76 crore from Ministry of Defence.
Pawan Kumar Nahar
  • Dec 13, 2023,
  • Updated Dec 13, 2023, 12:51 PM IST
  • Apollo Micro System shares were flat on Monday.
  • The company has allotted shares on conversion of Warrants.
  • The stock is up 430% from its 52-week lows.

Shares of Apollo Micro Systems Ltd rebounded during the trading session on Wednesday after the company announced multiple order-wins from public and private sector players. The company informed about the same through an exchange filing during the day. Apollo Micro Systems has recently secured multiple orders amounting to Rs 20.76 crore from the Ministry of Defence, said the company in the exchange filing. "These orders comprise both confirmed orders received and lowest bid tenders for which the company has been declared as the lowest bidder, highlighting the company's ongoing engagements in the defense sector," it said.

Also read: Apollo Micro board allots equity shares on conversion of warrants; stock trades flat

"The company has also successfully secured orders valued at Rs. 15.82 crores from a private company," it added further. Following the announcement, shares of Apollo Micro Systems rebounded about 4 per cent to Rs 121 on Wednesday, from day's low at Rs 117. The company's total market capitalization stood at more than Rs 3,200 crore. The scrip had settled at Rs 119 in the previous trading session on Tuesday. Earlier this week, the company board of Apollo Micro Systems had approved the allotment of equity shares on the conversion of warrants. It approved allotment of 29,54,360 equity shares with a face value of Re 1 each to Nexpact upon conversion of 2,95,436 warrants at an issue price of Rs 186 each upon receipt of balance amount warrant exercise price aggregating to Rs. 4.12 crore.

Also read: Top 10 stocks to watch on December 13, 2023: Reliance Industries, Indian Bank, UltraTech Cement, Infibeam Avenues, Rashtriya Chemicals and more Apollo Micro Systems expanded into the design and development of systems and subsystems for electronic hardware and software for DRDO, DPSUs, and others. The Hyderabad-based defence player offers complete platform-level solutions, from the development stage to manufacturing, such as underwater mines, railways, automotive, and homeland security markets.

 

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