Apollo to launch $5B sports investment vehicle: FT

Apollo to launch $5B sports investment vehicle: FT

Apollo Micro Systems' shares surged nearly 14% in two days, reaching a new 52-week high of Rs 275.95 on Monday, following significant announcements from the company. The stock's performance was driven by two key developments: the company's approval as a production agency for the Multi-Influence Ground Mine (MIGM) – Vighana under DcPP by the Defence Research and Development Organisation (DRDO), and the signing of a technology transfer pact for the Omni-Directional multi-EFP warhead for the NASM-SR missile [1].

The approval to produce the MIGM – Vighana is a significant milestone for Apollo Micro Systems, as it reflects the company's growing engagement in India's defense manufacturing ecosystem. Additionally, the technology transfer agreement for the NASM-SR missile further solidifies Apollo's position in the sector. Both announcements were described as part of the company's ordinary course of business [1].

The defense sector has seen increased investor participation in recent months, with heightened activity and government initiatives aimed at promoting indigenisation and reducing import dependency in critical technologies. Apollo Micro Systems' recent string of announcements comes at a time when the sector is receiving sustained attention [1].

Apollo Micro Systems' shares were also in the spotlight earlier in August when the company disclosed that it had been declared the lowest bidder for orders worth Rs 25.12 crore from DRDO and Defence Public Sector Undertakings (PSUs) [1].

Reference List:
[1] https://economictimes.indiatimes.com/markets/stocks/news/apollo-micro-systems-shares-surge-14-in-2-days-to-hit-52-week-high-after-drdo-approval-tech-transfer-deal/articleshow/123628375.cms