Apollo Micro shares zoom 20% on orders worth Rs 50 crore from BEL

The Company bagged a supply order from Bharat Electronics worth Rs 49.86 crore with a repeat order clause, for maximum of 120 per cent of the units originally ordered

Shares of Apollo Micro Systems zoomed 20 per cent to Rs 155.55, also its 52-week high, on the BSE on Monday after the company bagged a supply order worth of Rs 50 crore from Bharat Electronics (BEL).

“The Company has bagged a supply order from BEL, a defence public sector undertaking (PSU) worth Rs 49.86 crore with a repeat order clause, for maximum of 120 per cent of the units originally ordered, according to BEL terms and conditions,” Apollo Micro Systems said in a regulatory filing.

Apollo Micro Systems operates in electromechanical components and systems and allied components and services. The company designs develops and sells high-performance mission and time critical solutions to defence Space and home land security for Ministry of Defence government controlled public sector undertakings and private sectors. The company's customised solutions are developed using common hardware and software technology IP's which can be re-configured to suit the end application and domain requirements of end customer.

At 01:14 pm, the stock was trading 16 per cent higher at Rs 151 on the BSE, as compared to 0.74 per cent rise in the S&P BSE Sensex. The counter has seen an over 20-fold jump in trading volumes with a combined 5.36 million equity shares changing hands on the NSE and BSE, so far.