Multibagger defence stock with 130% return in 6 months hits 52-week high

Shares of Apollo Micro Systems Ltd (AMSL), an aerospace and defence company, on Wednesday rallied more than 15 per cent to hit a 52-week high. The stock started trading at Rs 66.80 today against the previous close of Rs 66.65 and hit a 52-week high at Rs 76.45. 

Apollo Micro Systems is a small-cap stock. The aerospace and defence company has a market capitalisation of Rs 1,712.22 crore. Its 52-week low is Rs 20.70.

Based out of Hyderabad, Apollo Micro Systems is into electronic manufacturing, hardware designing, weapon integration, and platform integration. Earlier this month, the company had announced plans to set up a defence equipment manufacturing facility in Hardware Park, Hyderabad with an investment of Rs 150 crore.

The company had announced the incorporation of a subsidiary, Apollo Defence Industries Limited. It will carry out the business in the defence sector and related electronic components, the company said in a statement, adding that it will work on defence platforms through a collaborative approach both in domestic and international companies.

Apollo Micro Systems provides mission and time-critical solutions for the government, private defence players, and space and homeland security.

Its shares have delivered a return of 131 per cent in the last six months and 219 per cent in one year.

This subsidiary will focus on forming alliances and technological partnerships with international companies to provide cutting-edge defence solutions and serve the nation, the statement said.

Earlier, Baddam Karunakar Reddy, Founder and Managing Director, Apollo Micro Systems Ltd, said the company has entered into significant agreements with the Defence Research and Development Organisation (DRDO).

"These agreements mark a significant milestone in our ongoing partnership with DRDO and signify our commitment to excellence in technology and innovation in defence-related projects," he said.

AMSL offers technology-based solutions in sectors like infrastructure, transportation and aerospace, among others.