Apollo Micro Systems Shares Rise Over 31% In Three Days; Hit 18 Month High
The smallcap defence company on Wednesday announced that it had won a Rs 113.81 crore export order for development of an Avionic System.
Shares of Apollo Micro Systems Ltd. extended gains for the third day and have risen over 31% since Monday. The advance in the shares began on Tuesday, ahead of its board meeting for a dividend for financial year 2025.
While the shares were up 15.08% on Tuesday, on Wednesday the shares rose 17.71% before closing with 13.8% gain. On Thursday the stock rose over 9%, extending the gains after an order win and fourth quarter earnings.
The smallcap defence company on Wednesday announced that it had won a Rs 113.81 crore export order for development of an Avionic System. The project pertains to the development of an advanced avionics system intended for use in civil and military aircraft applications. However, due to the sensitive nature of the engagement, specific technical and program details are bound by a Non-Disclosure Agreement with the customer.
The company on Wednesday also recommended a dividend of Rs 0.25 paise, representing 25% of a share with a face value of Rs 1.
Apollo Micro Systems Share Price Rises
Shares of Apollo Micro Systems rose as much as 9.27% to Rs 193.74 apiece, the highest level since Nov. 22, 2023. They pared gains to trade 3.04% higher at Rs 182.70 apiece, as of 10:39 a.m. This compares to a 0.01% advance in the NSE Nifty 50.
The stock has risen 70.88% in the last 12 months and 51.20% year-to-date. Total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 76, indicating it was overbought.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.3%.
