Apollo Micro Systems shares advanced more than 3% in Indian trading following confirmation that the company has completed a major project for the Indian Navy.
The delivery marks a significant milestone for the defence electronics manufacturer, which has seen its stock price surge by over 3,250% in the past five years.
The share price move comes after a period of strong momentum for the stock, which climbed more than 7% earlier in the week despite a broader sell-off in Indian equities.
The share price move comes after a period of strong momentum for the stock, which climbed more than 7% earlier in the week despite a broader sell-off in Indian equities.
That earlier rally was fueled by reports that Bharat Electronics Ltd (BEL), a key customer, is poised to secure additional orders, reinforcing the supply chain visibility for Apollo Micro Systems.
The company has been aggressively expanding its capacity to meet growing defence demand.
Apollo Micro Systems recently approved a capital-raising plan worth more than ₹3,322 crore, combining a preferential issue of equity shares and convertible warrants.