BackMultibagger defence stock jumps 8% despite weak stock market sentiments. Do you own?
Defence stock has been in uptrend since early morning deals and missed to hit new life-time high by a whisker
PremiumStock market today: Despite weakness on Dalal Street, some stocks have managed to attract bulls' attention during Tuesday deals. Apollo Micro Systems shares are one of them. The multibagger stock has been in uptrend since early morning deals. After opening with an upside gap in opening bell today, the defence stock went on to hit intraday high of ₹61.50 apiece on NSE, logging over 8 per cent intraday gain within few minutes of stock market's opening bell today.
While climbing to its intraday high on Tuesday, the defence stock came close to its life-time high of ₹63.80 apiece on NSE. Comparing intraday high of ₹61.50 with its life-time high of ₹63.80, tyhe defence stock is just 3.5 per cent away from climbing to a new peak.
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Multibagger return
As mentioned above, this defence stock is one of the multibagger stocks that Indian stock market has produded in 2023. This multibagger stock has doubled shareholders' money in last six months. In last six months, this defence stock has risen from around ₹29.40 to ₹60 apiece levels, giving more than 100 per cent return to its positional shareholders. Likewise, in last one year, this defene stock has risen from ar0und ₹18.15 per share levels to near ₹60 apiece levels, delivering to the tune of 225 per cent in last one year.
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In last five years, this penny defence stock has went on to become a multibagger penny stock after rising from ₹11.50 to ₹60 apiece levels, delivering more than 400 per cent return to its shareholders.
Apollo Micro Systems news
The multibagger defence stock today informed Indian stock market exchanges about setting up a new unit citing, “We are writing to inform you, that Apollo Micro Systems Limited, a leading company in the Indian Defence sector for electronic manufacturing, hardware designing, weapon integration, and platform integration proposes to set up a state-of-the-art defence equipment manufacturing facility in Hardware Park, Hyderabad subject to approval by the Board of Directors of the Company. The company intends to perform Bhumi Pooja for the plant during upcoming Dusshera and plans to complete within nine months. The company has estimated total investment in the upcoming ventures to be around ₹150 crores."
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In order to develop ground breaking technologies and create a comprehensive defence ecosystem the company has recently incorporated a wholly owned subsidiary - Apollo Defence Industries Private Limited. This subsidiary will focus on forming alliances and technological partnerships with various international companies to provide cutting edge defence solutions and serve the nation.
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The company has also signed multiple Transfer of Technology (ToT) agreements with Defence Research and Development Organisation (DRDO).
This multibagger defence stock is available for trade on BSE and NSE. Its market cap is ₹1,373 crore and its current trade volume on NSE is 43,47,491 and around half an hour of trade is still left today. Its 52-week high is ₹63.80 apiece whereas its 52-week low is ₹17.61 per share.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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