Shares of Apollo Micro Systems Ltd were locked at 5% upper circuit on 15 July after the company announced receiving an order from the Indian Arm for procuring vehicle mounted counter swarm drone system (VMCSDS) under Make-II category of DAP-2020.

In its regulatory filing, the company said that it was shortlisted, keeping in view its capabilities, and was awarded the Make-II project by the Indian Army. The filing added, “This project is a very prestigious and first Make II project for the company.”

As the project is a Make II project, there will be no cost obligation involved, and the company has to deliver the order in 85 weeks for single-stage composite trials and staff evaluation.

In its quarterly earnings for January-March , the company reported a 79.3% year-on-year increase in net profit and a 26.7% YoY increase in revenue from operations during the quarter. 

The company specialises in designing, developing, and manufacturing mission-critical electronic systems and subsystems for aerospace, defence, space, and homeland security applications. Its extensive product range includes high-performance embedded computing systems, ruggedised computers, electronic systems for missile applications, avionics systems, and more.

At 1:13 pm, the shares of Apollo Micro Systems were locked 5% higher at Rs 109.76 on NSE.

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