Apollo Micro Systems shares surged more than 18 percent in intraday trade on Friday after the company announced it received a government licence to manufacture and proof-test defence weapon systems. The stock hit an intraday high of Rs 287 per share on the NSE, marking an 18.51 percent rise. It settled at Rs 283.7 per share, up 17.15 percent, and has gained nearly 22 percent over the last three sessions.
The rally followed the company’s announcement that it has been granted a licence by the Government of India, Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade (DPIIT), for the manufacture of ammunition. The lifetime licence enables the company to manufacture, assemble, integrate and proof-test high-value strategic weapon systems and munitions. The licence covers arms of calibre above 12.7 mm, including missiles, anti-tank guided missiles (ATGMs), torpedoes, underwater mines, aerial bombs, rockets and loitering munitions.
