Shares of Apollo Micro Systems hit the 5 percent upper circuit at ₹109.76 per share on July 15 after securing an order from the Indian Army for a vehicle-mounted counter swarm drone system (VMCSDS) under the Make-II category of DAP-2020.
Despite this rise, the stock has declined over 3 percent this year, compared to a 13 percent surge in the benchmark Nifty 50 index. Previously, Apollo Micro shares reached a 52-week high of ₹161 per share on November 20, 2023.
In an exchange filing, Apollo Micro stated it was shortlisted for the project based on its capabilities. The company highlighted that this is its first Make-II project, which involves no cost obligation.
The company is required to deliver the order within 85 weeks for single-stage composite trials and staff evaluation.
As of 1:00 PM, the shares were trading 4.99% higher at ₹109.76 on NSE.
