Apollo Micro Systems stock hits upper circuit on project update

Apollo Micro Systems shares hit an upper circuit on Thursday after the company provided a strong project update with the exchanges. On Wednesday, the defence and aerospace player announced that it had bagged orders worth Rs 43.98 crore. The company didn't provide more details.

Shares of Apollo Micro Systems went up 10 per cent in two days after the announcement. The stock was up to Rs 346.5 on Thursday. During both sessions, the scrip hit an upper circuit of 5 per cent. The stock was trading at Rs 331 at around 2.30 pm.

Apollo Micro Systems shares have delivered mutlibagger returns to investors in the short term. The stock has climbed more than 220 per cent from its 52 week low of Rs 109.35 hit in March 2022, as it has gone up more than 220 per cent from its 52 week low. The counter has gone up over 135 per cent in the last six months.

In January 2023, the board of Apollo Micro Systems approved the sub-division or split in 1: 10 ratio. The company's shareholders and other regulatory or statutory approvals and record date will be announced soon, and the corporate action will be announced.

In 1997, Apollo Micro Systems was founded and is involved in the business of electronic, electromechanical, engineering designs, manufacturing and supply. The company's Dalal Street debut took place in January 2018 when it raised Rs 156 crore by selling its shares for Rs 275 per piece.

The Hyderabad based company designs, develops and sells high-performance, mission critical solutions to defense, space and homeland security for the Ministry of Defense, government controlled public sector undertakings and private sector sectors.