Shares of Apollo Microsystems hit upper circuit of 5% on Monday after the aerospace and defence firm said it has been shortlisted keeping in view the capability and awarded Make II project by the Indian Army, according to an exchange filing. The multibagger defence stock rose 5% to Rs 109.80 today against the previous close of Rs 104.60 on BSE. Market cap of the firm climbed to Rs 3281 crore.
Total 1.39 lakh shares of the firm changed hands amounting to a turnover of Rs 1.52 crore.
The stock has risen 97% in a year and gained 744% in two years, delivering multibagger returns during the period.
Apollo Microsystems shares have a one-year beta of 0.7, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Apollo Microsystems stands at 44.3, signaling it's trading neither in the overbought nor in the overtrading zone.
Apollo Microsystems stock stands higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
"The project is for the procurement of a Vehicle Mounted Counter Swarm Drone System (VMCSDS) (Version I) under the Make II category of DAP-2020," it said. This project, it said, "is very prestigious and first Make II project for the company".
"The company is happy to share that the systems developed out of it are ‘state of the art’ and highly futuristic in nature. As a Make II project, there will be no cost obligation involved," the filing said further. "The time period by which the order or the contract will be executed is 85 weeks for single stage composite trials and staff elecation," it added.
Apollo Micro Systems is mainly into the supply of electronics and electromechanical systems and components including design, research & development of systems which are used in missile programmes (weapon systems electronics), underwater missile programmes (weapon systems electronics), avionic systems, ship borne systems, submarine systems, etc.