Defense Stock Wins Rs. 25.58 Cr Order Deal From IOCL After 122% Gain In 6 Months

With a market valuation of Rs 3,511.13 Cr, Apollo Micro Systems Ltd is a small-cap company operating in the defence industry. The stock saw a rise of 3.67% from the previous close when it began on the BSE today at Rs 124.05 per share and surged to an intraday high of Rs 128.50 in the afternoon session.

The rally in the share price was witnessed after Apollo Micro Systems Limited received an order deal from Indian Oil Corporation Limited (IOCL).

"We are delighted to inform you that Apollo Micro Systems Limited has received the Letter of Acceptance (LOA) from Indian Oil Corporation Limited (IOCL) for an order worth Rs. 25.58 Crores after successfully being declared as the Lowest Bidder (L1).

Consequently, the total outstanding orders from IOCL amount to Rs. 41.03 Crores, including the above LOA, all of which are scheduled for execution in the current financial year. We are further pleased to announce the Lowest Bidder (L1) status and New Orders worth Rs. 2.29 Crores secured from I.G.Mint and the Defence Research and Development Organization (DRDO)," said Apollo Micro Systems in a stock exchange filing on Thursday.

In a separate regulatory filing, Apollo Micro Systems has said "We wish to inform you that the meeting of Board of Directors of the Company is scheduled to be held on Saturday, February 03, 2024 at 12:30 P.M. (IST) at the registered office of the Company situated at Hyderabad, inter-alia to transact the following business apart from the other items as per the agenda or items with the permission of the Chair, if any: 1. To consider and approve the Unaudited Standalone Financial results of the Company under Indian Accounting Standard (IndAS) for the quarter ended December 31, 2023. 2.

To consider and adopt the Limited Review Report of the Statutory Auditors of the Company on the standalone unaudited financial statements of the Company for the quarter ended December 31, 2023. 3. To consider and approve the Unaudited Consolidated Financial results of the Company under Indian Accounting Standard (IndAS) for the quarter ended December 31, 2023. 4.

To consider and adopt the Limited Review Report of the Statutory Auditors of the Company on the consolidated Unaudited financial statements of the Company for the quarter ended December 31, 2023. 5. To consider and approve purchase of Property situated at Gurgaon District, Haryana. 6. To consider and approve the proposal for Purchase of Land situated at Hardware Park, Hyderabad."

The stock has generated a multibagger return of 122.45% and in the last 1 year, the scrip has generated a multibagger return of 301.36%. The scrip reached a 52-week-high of Rs 161.75 on (20/11/2023) and a 52-week-low of Rs 24.63 on (29/03/2023).