Top News

Aerospace and defence sector company Apollo Micro Systems Ltd has issued a business update in its latest exchange filing today. The stock was trading at Rs 277.95 up 0.60 per cent or Rs 1.65 on the NSE while on the BSE the stock was trading at Rs 277.75 up 0.52 per cent or Rs 1.45. Apollo Micro Systems said in its exchange filing today that it has received an order worth Rs 18.433 crore from the Defence Research and Development Organisation (DRDO). Earlier the company received an order from the DRDO. The company had previously announced that it had been declared the lowest bidder for the order totalling ₹39.27 crore. The company also announced that the DRDO had granted it Transfer of Technology (ToT) approval for the mechatronic fuse for grenades. This defence stock has delivered a multibagger return of 130% doubling investors money in just 6 months. Prior to this the stock fell 6% in the last week and 15% in the last month. However it has gained over 56% in the last three months. On an annual basis the stock has gained over 177% in the last year over 1183% in the last three years and over 2553% in the last five years. The company recently announced the completion of its preferential allotment of equity shares and convertible warrants raising a total of over Rs 416 crore. The allotments were made to promoter group Non-Executive Director Aditya Kumar Halwasiya and LIC Mutual Fund. In a statement the company said the preferential issue involved 2.70 crore equity shares allotted at Rs 114 each aggregating to Rs 308 crore along with 3.80 crore convertible equity warrants issued at the same price with 25 per cent upfront subscription aggregating to Rs 108.5 crore in initial proceeds. An additional Rs 325.50 crore is anticipated within six months as the rest 75 per cent of the convertible warrants proceeds. With PTI Inputs