Defence stock gains after securing 15-year license from government: Check full details here

Mumbai: Shares of homegrown aerospace and defence company Apollo Micro Systems Ltd (AMSL) gained despite a sell-off in markets as the company has informed exchanges that it has secured a 15-year license from the government for the manufacturing of equipment under the Category of Defence Aircraft for Unmanned Helicopters activity, which includes Unmanned Aerial Systems and Allied Defence Equipment for Inertial Navigation Systems and Radar Equipments. The license is a prerequisite for the present and upcoming manufacturing opportunities withthe Ministry of Defence (MoD). Share price today The stock started the trading session in the red at Rs 267.50 against the previous close of Rs 268.35 on the BSE. However, it rebounded amid firm buying and touched the high of Rs 280, a gain of 4.34 per cent from the previous close. On the National Stock Exchange (NSE), the stock began the trading session at Rs 267.40 and touched the high of Rs 279.80. In between the counter hit its low of Rs 265. Last seen, it was trading at Rs 278.90 and the market cap of the company stood at Rs 9,359.31 crore. The scrip has been gaining for the last two days and has risen 6.04 per cent in the period. Technically, the stock trades higher than the 5-day, 20-day, 100-day and 200-day moving averages but lower than the 50-day moving averages. Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 1 (ST ASM-1) framework. The 52-week high of the stock is Rs 354.65 and the 52-week low is Rs 92.50. Share price history According to BSE Analytics, the stock has delivered a 2316.45 per cent return in five years and 930 per cent in three years. On a year-to-date (YTD) basis, the scrip has gained 131.33 per cent as against the return of 8.48 per cent by the benchmark index. Meanwhile, the stock markets traded in the red after a week start on Tuesday amid continuous selling by FIIs. ALSO READ | How to turn Rs 10,000 monthly investment into Rs 1 crore without trading daily, expert explains (This article is for informational purposes only and should not be construed as investment, financial, or other advice.)