According to the information shared, the company has been granted this approval with a production capacity of 50 metric tonnes per annum (MTPA) for HMX and 500 metric tonnes per annum (MTPA) for TNT.
Shares of Hyderabad-based aerospace and defence company Apollo Micro Systems Ltd are in action as the company’s step-down subsidiary IDL Explosives Limited has received an industrial license (IL) under the IDR Act, 1951 of the Government of India for the manufacturing of explosives such as HMX Cyclotetramethylenetetranitramine and Trinitrotoluene TNT. Following this, the stock started the session in the green at Rs 229.25 against the previous close of Rs 226.55 on the BSE. Amid firm buying, the stock gained further to touch the high of Rs 236.70, representing a gain of 4.48 per cent from the last closing price. Last seen, the stock was trading at Rs 236, a gain of Rs 9.45 or 4.17 per cent. The market cap of the company stood at Rs 7,921.10 crore. On the National Stock Exchange (NSE), the stock began the session at Rs 230 against the previous close of Rs 226.65. The stock’s intraday high and low are 234.85 and 227.10, respectively.
License for the defence explosives manufacturing
According to the information shared, the company has been granted this approval with a production capacity of 50 metric tonnes per annum (MTPA) for HMX and 500 metric tonnes per annum (MTPA) for TNT. The industrial license will be valid for 15 years from the date of issuance.
“It strengthens our ability to meet captive requirements for high-energy defence explosives while creating opportunities to serve growing demand in both domestic and international markets for
industrial and defence explosives,” the company said.
To invest Rs 1,500 crore
Earlier, the company announced the signing of an initial agreement with the Telangana government to invest Rs 1,500 crore in manufacturing defence products.
A memorandum of understanding was signed in Hyderabad on Monday, AMSL said in an exchange filing.
Under this MoU, AMSL, along with its subsidiaries and step-down subsidiaries, will establish a greenfield project in Telangana.
The proposed project, with an estimated investment of approximately Rs 1,500 crore, aims to expand the company’s manufacturing and explosive filling capabilities.
ALSO READ | PF withdrawal rules: How much can you withdraw for marriage, home or illness?
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
