Defence Stock Apollo Micro Systems gains 10% on signing MOU with Garden Reach Shipbuilders

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Stock Market today: Defence Stock Apollo Micro Systems Ltd share price gained more than 10% on signing Memorandum of Understanding (MoU) with Garden Reach Shipbuilders & Engineers Ltd for powering its Next-Gen Defence Innovation

Multibagger Returns

Apollo Micro Systems share price that opened at 128.05 on the BSE on Thursday, 3.5% higher than the previous days close. The Apollo Micro Systems share price thereafter gained to intraday highs of 137.90 , which translated into gains of more than 10%.

Apollo Micro Systems share price that used to trade at close to 31 levels in January 2023 has grown multifold in last two year, giving Multibagger returns to investors.

Garden Reach Shipbuilders & Engineers share price that opened at 1559.85., more than 1% higher than the previous closing price of 1539.9 also gained further more than intraday highs of 1595 on the BSE on Thursday. The same also translated into 3-4% gains for Garden Reach Shipbuilders & Engineers share price.

Garden Reach Shipbuilders & Engineers share price that was trading at close to 486 levels in January 2023 has also given Multibagger returns to the investors

Memorandum of Understanding details

Garden Reach Shipbuilders & Engineers Ltd in its release on the exchanges announced that has entered into non-binding Memorandum of Understanding (MoU) with Apollo Micro System to power Next-Gen Defence Innovation. This MoU aims to establish a strategic collaboration for the joint development and supply of Advanced Weapons and Electronic Systems.

The collaboration between Garden Reach Shipbuilders & Engineers and Apollo Micro System, as per the release, shall focus on the joint research and development (R&D), co-production, and supply of various categories of Underwater Weapons & Vehicles, Underwater mines, Underwater Communication Systems and Air Defence Systems to address the current and further requirements of the Indian Defence forces, Paramilitary Forces, Police Organisations, Central & State Government agencies, the Civil Sector and export markets.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.



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