Shares of Apollo Micro Systems moved higher in Wednesday’s session, December 31, after the company informed exchanges that its step-down subsidiary, IDL Explosives Limited, has secured fresh orders worth ₹420.9 crore (₹4,208.96 million) in the ordinary course of business.
Apollo Micro Systems shares were trading nearly 3.35% higher at Rs 268.55 on the NSE in early trade, compared with the previous close of Rs 259.85.
According to the regulatory filing, IDL Explosives has received a running contract for the supply of bulk explosives to subsidiaries of Coal India, with the domestic order valued at ₹4,193.96 million. In addition, the subsidiary has also secured an export order worth ₹15 million for the supply of cartridge explosives. The cumulative value of the orders stands at ₹4,208.96 million, which is equivalent to ₹420.9 crore.
The company stated that the orders were awarded in the normal course of business and are expected to be executed as per agreed timelines. Coal India and its subsidiaries are among the largest consumers of bulk explosives in the country, primarily for mining and excavation activities, making the running contract strategically significant for IDL Explosives.
Apollo Micro Systems clarified that the disclosure has been made in compliance with SEBI’s Regulation 30 requirements and requested stock exchanges to take the information on record. The development is likely to keep the stock in focus as investors track execution progress and potential revenue visibility from the large order inflow.
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