The stock’s 14-day relative strength index (RSI) is 58.3. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Shares of Apollo Micro Systems, a technology-driven firm in the aerospace, defence, and homeland security sectors, are in action even as the markets remained volatile on New Year’s day. The counter started the trading session in the red at Rs 272 against the previous close of Rs 272.20 on the BSE. The stock dipped further to touch the low of Rs 269.35 before rebounding amid a spurt in trading volume by more than 1.05 times. The stock gained and touched the high of Rs 280, representing a gain of 2.87 per cent from the last closing. The stock has been gaining for the last two days and has risen 6.06 per cent in the period. On the National Stock Exchange (NSE), the counter started the trading session at Rs 271.90 against the previous close of Rs 272. Later, it touched the intraday high and low of Rs 280 and 268, respectively.
Technically, the stock is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The action comes as Apollo Defense Industries Private Limited, a subsidiary of Apollo Micro Systems Ltd, has entered into an agreement with a private company for the execution of a contract worth Rs 1,500 crore as part of its normal business operations.
Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 1 (ST ASM-1) framework.
The stock’s 14-day relative strength index (RSI) is 58.3. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Share price history
The stock has delivered a multibagger return of 2134 per cent in five years and 847 per cent in three years. However, the stock has corrected 16.13 per cent in three months as against the positive return of 5.31 per cent by the benchmark index.
Bags defence orders worth Rs 100 crore
The company recently informed exchanges that it has secured new defence orders worth over Rs 100 crore to supply unmanned aerial systems. The orders are to be executed within a period of four months.
“Apollo Micro Systems Ltd has received orders amounting to Rs 1,002.47 million from a private company, deliverable to the Ministry of Defence, for the supply of unmanned aerial systems,” the filing said.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
