Apollo Micro Systems has secured orders amounting to ₹4.70 crores and has been named the lowest bidder for a project by Munitions India.

What Happened: The company announced on Monday that it has bagged orders from Economic Explosives and the Defence Research and Development Organisation (DRDO). The combined value of these orders is ₹4.70 crores, according to the exchange filing.

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Apollo Micro Systems has been designated as the lowest bidder for a GNC Kit project by Munitions India. The project is projected to be worth ₹72.26 crores.

The news helped the stock extend its gains to the third straight session. After a strong run in 2023, shares of the defence company have remained ever since the start of the year. On a year-to-date basis, the stock has gone down around 8%.

Price Action: Apollo Micro Systems’ share price was up 2.44% to trade at ₹109.74 in the early hours of trading on Monday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.