Mumbai/IBNS-CMEDIA: Shares of Apollo Micro Systems Ltd. surged over 13% on Friday after the company secured a defence manufacturing licence from the Government of India, media reports said.
Stock Jumps Over 13%
The stock was trading 13.1% higher at Rs. 275.4, extending its gains over the past month.
Defence Licence Secured
Apollo Micro Systems has received a licence from the government to manufacture a range of defence weapon systems and ammunition.
The licence was issued by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry and will be valid for a lifetime.
Scope of Operations
Under the licence, the company is authorised to manufacture, assemble and test high-calibre weapon systems.
The manufacturing and testing activities will be carried out at its facilities in Hyderabad.
Company Statement
Managing Director B Karunakar Reddy said the licence marks a significant step in strengthening the company’s position in the defence manufacturing sector.
“This license is an important step in expanding the Company’s presence in the defence manufacturing sector… we now have the building blocks to develop and manufacture a meaningful range of weapon systems,” he told CNBC-TV18.
