Apollo Micro Systems Share Price Up Over 2% Following DRDO Partnership

Shares of Apollo Micro Systems rose over 2% in trade so far after DRDO on Friday, approved a partnership with the company. The Defence Research and Development Organisation had on Friday, approved Apollo Micro Systems as the production agency for the Multi-Influence Ground Mine – Vighana.

The DRDO has also entered into an agreement to transfer the technology for the Omni-Directional multi-EFP warhead to Apollo Micro Systems. This advanced warhead technology is a key component of the Naval Anti-Ship Missile – Short Range NASM-SR missile, a missile developed by DRDO to boost the Indian Navy's anti-ship capabilities.

The NASM-SR is designed for launch from helicopters and other naval platforms to engage enemy ships and other naval targets at a short range.

Apollo Micro Systems stock rose as much as 2.36% during the day to Rs 269 apiece on the NSE.It was trading 1.66% higher at Rs 267.15 apiece, compared to an 0.44% decline in the benchmark Nifty 50 as of 9:44 a.m.

It has risen 157.66% in the last 12 months and 133.11% on a year-to-date basis. The total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 77.05.

One analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 240, implying a downside of 10.4%.