Multibagger defence stock Apollo Micro Systems surged 15% in intraday trade on Wednesday, May 28, to a fresh record high following a massive order win.
The BSE Smallcap stock gained for the second straight session, rising as much as 24% in just two days. Meanwhile, in May alone, Apollo Micro Systems shares have rallied over 46% amid a strong surge in defence counters following Operation Sindoor and hopes of an increase in defence order book.
Apollo Micro Systems stock opened at ₹157.15 apiece, slightly higher than its last close of ₹155.80 per share. However, as the session progressed, the stock surged to the day’s high of ₹179, also its 52-week high level, recording gains of 14.9%.
Apollo Micro Systems’ Order Win
This sharp rally can be attributed to a ₹113.81 crore export order that Apollo Micro Systems announced receiving today.
“Apollo Micro Systems Limited, in the ordinary course of its business, has received an export order valued at USD 13,366,500 (equivalent to approximately INR 113.81 crores) for the development of an Avionic System,” the company said in a filing today.
As part of the project, Apollo Micro Systems plans to develop an advanced avionics system intended for use in civil and military aircraft applications.
“However, due to the sensitive nature of the engagement, specific technical and program details are bound by a Non-Disclosure Agreement (NDA) with the customer,” it added.
Dividend Payout
Additionally, the company’s board also approved a final dividend for the financial year 2024-25 at its meeting today of ₹0.25 apiece.
“… Considered the recommendation of Final Dividend at the rate of 25% ( ₹0.25 paise) per equity share of Re. 1/- each fully paid-up of the Company for the Financial Year 2024-25, subject to the approval of the Members at the forthcoming Annual General Meeting of the Company,” Apollo Micro Systems said in a filing.
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