Apollo Micro up 8% on plans to set up defence mfg facility

Shares of Apollo Micro Systems (AMS) surged 8 per cent to Rs 61.55 on the BSE in Tuesday’s intraday trade, amid heavy volumes, after the company announced Rs 150-crore capex plan to set up a defence equipment manufacturing facility at Hardware Park, Hyderabad.

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At 12:04 PM, AMS was trading 7 per cent higher at Rs 60.54 as compared to 0.55 per cent decline in the S&P BSE Sensex. Average trading volume on the counter more-than-doubled today with a combined 3.72 million equity shares having changed hands, thus far, on the NSE and BSE. The stock hit a 52-week high of Rs 63.58 on August 8, 2023.

AMS said the proposed capex plan is subject to approval by the board of directors. The company intends to perform Bhumi Pooja for the plant during the upcoming Dusshera, and plans to complete the project within nine months.