Defence stock Apollo Micro Systems surged as much as 15 per cent in intraday trade on the NSE on Friday, August 22, to hit its 52-week high of ₹236.40. Apollo Micro Systems share price opened at ₹206 against its previous close of ₹205.23 and skyrocketed 15 per cent to a 52-week high of ₹236.40, defying weak market sentiment. Around 10:30 AM, the defence stock traded 13 per cent higher at ₹ 231.85. Equity benchmark Nifty was 0.60 per cent down at 24,931 at that time.
Why is Apollo Micro Systems’ share price rising?
Defence stocks are witnessing strong traction, driven largely by favourable sentiment for the sector, fuelled by increased government spending and strategic deals amid an indigenisation push.
The prospect of a surge in government orders and growing opportunities in global exports has brought the sector under investors’ radar.
In an exchange filing during market hours on August 21, Apollo Micro Systems said it had won orders worth ₹25.12 crore from DRDO and defence PSUs.
“We are pleased to inform you that the company has been declared the lowest bidder for orders worth ₹25.12 crore from DRDO and defence PSUs,” said the company.
Apollo Micro Systems share price trend
Apollo Micro Systems share price has been in the green for six consecutive sessions, cumulatively gaining 27 per cent in this period. The stock has jumped 35 per cent in August so far after a 10 per cent fall in the previous month.
Year-to-date, the stock has clocked a solid gain of 91 per cent.
Apollo Micro Systems shares hit their 52-week low of ₹87.99 on October 23 last year. In the last 10 months, the stock has surged nearly 170 per cent to hit its fresh 52-week high.
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