Share price of this defence company has zoomed 65% in 8 trading sessions

Shares of Apollo Micro Systems rallied 15 per cent on the BSE in Monday's intra-day trade amid back of heavy volumes to hit a fresh 52-week high of Rs 189.40

Shares of Apollo Micro Systems rallied 15 per cent on the BSE in Monday’s intra-day trade amid back of heavy volumes and hit a fresh 52-week high of Rs 189.40. In the past eight trading days, the stock of the company engaged in defence business has zoomed 65 per cent after it bagged orders worth of Rs 5.72 crore from Defence Research & Development Organisation (DRDO).

Apollo Micro Systems operates in electromechanical components and systems and allied components and services business.

At 10:25 am; Apollo Micro Systems was up 12 per cent at Rs 184.60, as compared to 0.95 per cent rise in the S&P BSE Sensex. The trading volumes on the counter surged nearly two-fold with a combined 1.8 million equity shares having changed hands on the NSE and BSE.

On December 23, 2021, Apollo Micro announced that the company had bagged orders worth Rs 5.72 crore from DRDO. The company further stated that it installed CCTV based Security Surveillance and Animal Monitoring Systems at Nehru Zoological park, Hyderabad.

The demand for electronics hardware in India is expected to reach $400 billion by FY24. This presents a huge opportunity and a great incentive to boost electronic production. Electronics manufacturing is expected to increase at annual rate of 30 per cent between 2020-25 and clock Rs 1.15 trillion additional production during this period, Apollo Micro said in the financial year 2020-21 (FY21) annual report.

Increasing domestic demand, rising disposable incomes, the Digital India initiative, growing manufacturing costs in other developing economies and escalated consumption patterns in the Middle East and emerging countries are driving global demand, thereby contributing to the growth of the Electronics Sector in India, the company had said.