Smallcap Defense Surge
When the lowest bidder for PSU orders emerges, smallcap defense stocks surge.
DRDO Technology Approval
According to the business, DRDO has approved the Transfer of Technology (ToT) of Mechatronic Fuze for grenades.
Apollo Micro Systems Gain
After Apollo Micro Systems, located in Hyderabad, was the lowest bidder for orders from the military Research and Development Organisation (DRDO) and military public sector undertakings (PSUs), its shares increased on Thursday.
Order Details
The business said in a regulatory filing that it was the lowest bidder for orders totaling Rs 43 million from the DRDO and Rs 349.7 million from the defense PSUs. It also said that the total order amount for which the business was the lowest bidder was Rs 392.7 million.
Additionally, the business announced that the DRDO has approved the Transfer of Technology (ToT) of Mechatronic Fuze for grenades.
Business Sectors
Apollo Micro Systems supports sectors including infrastructure, transportation, and railroads in addition to the aerospace and defense industries.
Stock Market Update
On the NSE, the company’s shares were up 0.36 percent at Rs 292.20 a share.
In the meanwhile, Thursday saw gains in the stock benchmark indexes Sensex and Nifty, which followed a surge in international markets on expectations of a US Fed rate decrease. During the first trading, the markets were also more optimistic due to new inflows of foreign funds. The Nifty soared 104 points to 25,427.55, while the Sensex rose 407.67 points to 83,013.10.