Apollo Micro Systems Share Price: The multibagger defence stock experienced a robust double-digit rally of over 15% on Wednesday after the company received a massive export order. The small-cap defence stock bagged an export order worth around Rs 114 crore for the development of an avionic system.
This further contributed to the growing bullish sentiment in defence stocks, driven by analyst projections of a robust order pipeline.
"Apollo Micro Systems Limited, in the ordinary course of its business, has received an export order valued at $13,366,500 (equivalent to approximately Rs 113.81 crores) for Development of an Avionic System," the exchange filing read.
At 12:55 pm, shares of Apollo Micro Systems' were trading at Rs 179.82 price level, up by more than 15.4% on the National stock Exchange.
"This 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 (NDA) with the customer," the exchange filing further read.
So far this year, the shares of the defence firm have experienced a robust double digit rise of over 48%, signalling strong heightened investor interest. In the last 6 months period, Apollo Micro Systems stock have surged over 86% on the bourses.
For the broader defence sector, D-street analysts continue to take a bullish outlook owing to strong order book and policy push.
Rally in Defence Stocks
On Wednesday, the Nifty India Defence Index surged over 100 points or 1.28% even as the benchmark indices remained largely volatile, trading in the red territory. The 50-share pack, NSE Nifty, was trading around 24,800 level, just marginally down by 8 points. India's decisive response to the Pahalgam terrorist attack by Pakistan brought defence stocks into sharp focus.
Over the past 6 months, the defence index has been on a steady uptrend, gaining nearly 33%. During the same period, the benchmark Nifty50 index experienced a single-digit surge of over 3%.
