270% return in 2 years: Multibagger defence stock in focus - here's why

Shares of Apollo Micro Systems, a defence sector company, have given a multibagger return of its investors. The company has given 270 per cent in two years. However,  the Hyderabad-based company - that works in engineering design, manufacturing, supply, and electrical and electro-mechanical space - has given a negative return of 31 per cent in one year.

The 52-week high of the counter is Rs 147.50 and the 52-week low is Rs 88.10. 

The shares are again in focus as the company has informed the exchanges that its board has considered and approved the withdrawal of the preferential issue of 2.45 crore convertible warrants to its promoters and certain identified non-promoter entities.

The board had approved the issuance of 2.45 crore convertible equity warrants on a preferential basis to the promoters and these non-promoter entities in July.

Earlier, benchmark equity indices Sensex and Nifty bounced back in early trade on Friday after falling sharply in the previous session driven by value buying at lower levels and a rally in blue-chip bank stocks.

Buying by domestic institutional investors and firm trends in US markets also added to the recovery in domestic equities.

The BSE benchmark Sensex jumped 506.58 points to 77,662.37 in early trade. The NSE Nifty climbed 162.9 points to 23,512.80.

From the 30-share Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Tata Motors, Power Grid, Bajaj Finance, Bajaj Finserv and Tech Mahindra were the biggest gainers.

Adani Ports, Axis Bank, Mahindra & Mahindra, Titan and Sun Pharma were the major laggards.

Eight of the ten listed Adani group firms were trading lower during the morning trade, extending their previous day's fall, after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,320.68 crore on Thursday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,200.16 crore, according to exchange data.

With PTI inputs