Apollo Micro Systems’ share price rose 4 per cent in intraday trade on the BSE on Thursday, September 11, after the company said its subsidiary had entered into a memorandum of understanding (MoU) with US-based firms.
Apollo Micro Systems share price opened at ₹287.30 against its previous close of ₹282.85 and jumped 4 per cent to an intraday high of ₹294. Around 12:50 pm, the defence stock traded 3.34 per cent up at ₹292.30.
The small-cap stock witnessed traction after it announced Apollo Strategic Technologies Private Limited, a step down subsidiary of the company and a subsidiary of Apollo Defence Industries Private Limited, has entered into a memorandum of understanding (MoU) with Dynamic Engineering and Design Incorporation- United States of America for the technology transfer, co- development, and potential licensed production of rocket motors for BM-21 Grad ER and non-ER rockets at DSEI London.
The Grad rocket is a 122 mm artillery rocket used in multi-barrel rocket launchers (MBRL) such as the BM-21 system.
On the other hand, the rocket motor is the primary propulsion system of a rocket and comprises the propellant, casing, nozzle, and ignition system. It is the most critical subsystem in determining the range, stability, thrust, and accuracy of artillery rockets.
“This MoU is a strategic step toward indigenising propulsion technologies for multi-barrel rocket systems and enhancing self-reliance in critical defence systems under the Make in India initiative,” said the company.
“The BM-21 Grad rockets remain among the most widely demanded unguided rockets in the global defence market. With this initiative, Apollo Group will emerge as one of the private companies in India to offer a fully in-house developed rocket system of this calibre, strengthening India’s position in the global defence supply chain and contributing to the Government of India’s vision of self-reliance in defence production,” said the company.
Apollo Micro Systems share price trend
After rising 4 per cent in the previous session, the small-cap stock looks set to extend gains for the second consecutive session.
On a monthly scale, Apollo Micro Systems shares have gained 12 per cent in September so far after a 51 per cent surge in the previous month.
Year-to-date, the stock has surged over 150 per cent, hitting a 52-week high of ₹320.75 on September 5 this year. The stock hit a 52-week low of ₹88.10 on October 23 last year.