DRDO Partners With Apollo Micro Systems To Advance Anti-Ship Missile Technology

The Defence Research and Development Organisation has 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. This collaboration will enable Apollo Micro Systems to produce this critical technology, will help India's self-reliance in defense manufacturing.

Apollo Micro Systems stock rose as much as 11.9% during the day to Rs 271.4 apiece on the NSE. The stock settled 8.05% higher at Rs 262 apiece on the BSE against NSE Nifty 50's loss of 0.3% to 24,426.85.

Apollo Micro Systems shares have risen 148.63% in the last 12 months and 127% on a year-to-date basis. The total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 76.

One analyst tracking the company have 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 8.4%.