Shares of Hyderabad-headquartered defence company Apollo Micro Systems Limited are in focus today after the company informed exchanges that it has received a major order from the Defence Research and Development Organisation (DRDO), defence PSUs, and private industries. According to the information shared, it has received new orders totalling 213.39 crore under its normal course of business. According to the company, these new orders will strengthen its business and drive future revenue growth.
Apollo Micro Systems Share Price
The stock started the trading session in the green as benchmark indices Sensex and Nifty climbed in early trade on Wednesday following a decline in crude oil prices and foreign fund inflows. While the 30-share BSE Sensex climbed 397.59 points to 78,826.54 in early trade, NSE Nifty went up by 62.7 points to 24,677.60.
The counter opened at Rs 400.50, up from the previous close of Rs 398.15, on the BSE. The scrip gained further to touch the intraday high of Rs 403, representing a gain of Rs 4.85 or 1.21 per cent from the previous close. However, it later fell amid profit booking, touching an intraday low of Rs 393.40, down Rs 4.75, or 1.19 per cent.
Last seen, the stock was trading at Rs 397.95, with a drop of Rs 0.20 or 0.05 per cent, and the market cap of the company stood at Rs 14,787.80 crore.
The stock has fallen after three days of consecutive gains and is trading higher than the 5-day, 20-day, 100-day and 200-day moving averages but lower than the 50-day moving average.
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 50.96. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Delivered SDD to Indian Navy
The company recently announced in a filing that it has successfully delivered an indigenously developed Safety and Detonation Device (SDD) to the Indian Navy. The device transfer took place in the presence of Rear Admiral Rupak Barua, VSM, Director General of Naval Inspection (DGNAI), Indian Navy. Senior Indian Navy officials and company leadership were also present.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
