Multibagger defence stock Apollo Micro Systems jumps 7% despite stock market sell-off

Apollo Micro Systems shares surged over 7% on 29 June despite a broader market sell-off, driven by reports that key customer Bharat Electronics Ltd (BEL) is likely to secure a Rs 30,000-crore Quick Reaction Surface-to-Air Missile (QRSAM) order in the coming weeks. Apollo Micro Systems is a key supplier to both BEL and Bharat Dynamics Ltd (BDL) for the indigenously developed QRSAM programme. Separately, the company informed stock exchanges that its board will meet on 6 July to consider raising funds through the issuance of equity shares and/or convertible securities, including warrants, on a preferential basis.