Apollo Micro up 3% on getting defence aircraft manufacturing licence

The buying interest on the counter came after Apollo Micro Systems received a license for the manufacturing of equipment under the categories of defence aircraft

Apollo Micro Systems shares rose 2.9 per cent on the BSE, logging an intra-day high at ₹276.35 per share. The buying interest on the counter came after the company received a license for the manufacturing of equipment under the categories of defence aircraft for unmanned helicopters activity, which includes unmanned aerial systems.

 

The license is also granted under the category of allied defence equipment for inertial navigation systems and radar equipment.

 

At 10:31 AM, Apollo Micro Systems’ share price was trading 1.77 per cent higher at ₹273.1 per share on BSE. In comparison, the BSE Sensex was down 0.39 per cent at 85,309.07.

 

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The company has a total market capitalisation of ₹9,166.32 crore. Its 52-week high was at ₹354.65  and 52-week low was at ₹92.5.  

 

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, has provided the company with industrial explosives and manufacturing license. 

 

“This is to inform you that the company has been approved by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, for Industrial Explosives and Manufacturing License,” the filing read. 

 

The license is a prerequisite for the present and upcoming manufacturing opportunities with the Ministry of Defence (MoD). The license is valid for 15 years from the date of issue.

 

The company holds a license to manufacture unmanned helicopters (unmanned aerial systems (UAS) )and is currently engaged in the development of multiple UAS platforms. In addition, the company is collaborating with several domestic and international partners for the development of logistics and delivery of unmanned aerial vehicles (UAV) systems, as well as offensive/attack-class unmanned systems. These systems are progressing as per schedule and are expected to enter field trials within the next two quarters, according to the exchange filing. 

 

Additionally, Apollo Micro Systems holds a license to manufacture inertial navigation systems (INS) and is presently engaged in the development of multiple navigation solutions. In parallel, the company is collaborating with selected domestic and international partners to accelerate technology development and subsystem integration. To support these activities, the company has initiated procurement of critical test and calibration equipment required for the evaluation of advanced navigational systems.

 

The product portfolio under development includes:

• MEMS-based Inertial Navigation Systems
• Fibre Optic Gyro (FOG) based Navigation Systems
• Ring Laser Gyro (RLG) based Navigation Systems