Shares of Apollo Micro Systems jumped over 8% in early trade on Monday as the company announced bagging several orders.
What Happened: The company on Saturday informed the exchanges that it had been declared the lowest bidder for several orders from the Defence Research and Development Organisation (DRDO) and another government sector company.
The company added that the orders were worth around ₹28.15 crore. “This significant development occurred within the past week,” the exchange filing read.
The company also announced on Saturday that it had signed several important agreements with DRDO. The company signed transfer of technology (ToT) Agreements for Guidance and Navigation Technology, Rotary Electro-Mechanical Actuator, for Weaponisation of Hand-Held Thermal Imager with LRF (WHHTI), and Unified Avionics Computer.
The company had last week announced the incorporation of a subsidiary for its defence business. Apollo Defence Industries Pvt Ltd.
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Price Action: Shares of Apollo Micro Systems were up 7.43% to trade at ₹57.85 in the early hours of trading on Monday.
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