Defence stock Apollo Micro Systems surged 12% during Friday’s trading session after receiving authorization from the Defence Research and Development Organisation (DRDO) to act as the production agency for the Multi-Influence Ground Mine (MIGM) – Vighana.
Additionally, the company announced that it has entered into an agreement with DRDO for the technology transfer (ToT) of the Omni-Directional multi-EFP warhead for the NASM-SR missile.
Apollo Micro Systems share price today opened at an intraday low of ₹243.25 apiece on the BSE, the stock touched an intraday high on ₹271.60 per share. Anshul Jain, Head of Research at Lakshmishree, said that Apollo Micro Systems shares, in the last 22 sessions, Apollo has surged over 67%, showing a strong upward trend. However, the past five sessions have been marked by heavy volumes, signaling a climatic kind of move on lower-degree charts.
“This indicates that the stock may be entering an overheated zone in the short term. Immediate support is placed at ₹240, and a breach below this level will confirm the end of the short-term upmove, triggering profit booking. The structure at this juncture suggests that upside potential is capped for now, and traders should remain cautious,” said Jain.
Apollo Micro Systems – Q1 Results
Apollo Micro Systems’ consolidated net profit has more than doubled to ₹17.68 crore for the June quarter, driven by increased income. The firm reported a profit after tax (PAT) of ₹8.42 crore for the April-June period of the 2024-25 fiscal year, according to a regulatory statement from the company.
The total income of the company surged by 46.49 percent to ₹134.45 crore in the first quarter, up from ₹91.78 crore during the same timeframe last year.
On June 4, Apollo Micro Systems revealed the successful completion of its preferential allotment of equity shares and convertible warrants, which raised over ₹416 crore.
Based in Hyderabad, Apollo Micro Systems provides technology-driven solutions across various sectors, including infrastructure, transportation, aerospace, and defense, among others.
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