Apollo Micro Systems shares in focus - Here's why

Shares of Hyderabad-based aerospace and defence company Apollo Micro Systems are in focus today as the company has informed exchanges that an Extra-ordinary General Meeting of the members of the company will be held on Friday, 16 August, to discuss the issue of convertible equity warrants on preferential basis to promoter group and to certain identified non-promoter persons/entities.

The board has fixed August 9 as the cut-off date for determining the eligibility of the members entitled to vote at the meeting.

The stock opened in the green at Rs 126.10 against the BSE's previous close of Rs 123.20. It went on to make a high of Rs 128.40, up over 4 per cent, in early morning deals. However, it later fell to touch an intraday low of Rs 119.35. Last seen, the counter was trading at Rs 122.20.

Meanwhile, the 30-share BSE Sensex climbed 235.23 points to 80,275.03 in early trade. The NSE Nifty went up 86.6 points to 24,492.70.

From the Sensex pack, Bharti Airtel, Tata Steel, Infosys, JSW Steel, Bajaj Finance, HCL Technologies, Tata Consultancy Services and Reliance Industries were the biggest gainers.

Tech Mahindra, HDFC Bank, Nestle and Maruti were among the laggards.

The unique feature of the bull market in India is its ability to climb all walls of worry. The market dismissed all concerns relating to elections, the Budget and the correction in the mother market US. The buy on dips strategy which has played out well in this rally continues to hold good, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher while Shanghai quoted lower.

The US markets ended mostly lower on Thursday.

Global oil benchmark Brent crude climbed 0.19 per cent to USD 82.53 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,605.49 crore on Thursday, according to exchange data.

"The US economy's 2.8 per cent growth in Q2 confirms it won't slip into recession, and we expect the Federal Reserve to start cutting interest rates by September due to easing inflation," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
After a sharp fall in intra-day trade on Thursday, the BSE benchmark managed to recover some of the lost ground to settle 109.08 points or 0.14 per cent lower at 80,039.80.

The NSE Nifty dipped 7.40 points or 0.03 per cent to 24,406.10.

In five days, the BSE benchmark Sensex tumbled 1,303.66 points or 1.60 per cent, while the Nifty declined 394.75 points or 1.59 per cent.