Apollo Micro Systems on Wednesday announced that its step-down subsidiary, IDL Explosives, has secured fresh orders worth ₹420.9 crore, strengthening the company’s order book.
According to a filing with the BSE, IDL Explosives has been awarded a running contract (RC) valued at ₹419.4 crore for the supply of bulk explosives to subsidiaries of Coal India. A running contract allows the company to supply products on a recurring basis, depending on demand, over the contract period.
In addition to the domestic order, IDL Explosives has also received an export order worth ₹1.5 crore for the supply of cartridge explosives. With this, the total value of new orders received by the subsidiary stands at ₹420.9 crore.
Apollo Micro Systems stated that the orders were received by IDL Explosives in the ordinary course of business and will be executed as per the terms of the respective contracts.
Earlier this month, Apollo Micro Systems had also secured a separate order worth ₹100.25 crore from a private entity for the supply of Unmanned Aerial Systems to the Ministry of Defence. That order is scheduled to be executed within four months.
Apollo Micro Systems Share Price
Shares of Apollo Micro Systems rose 4.23% in Wednesday’s trading session. On a year-to-date basis, the stock has gained 124.41%, reflecting strong investor interest amid steady order inflows.
Disclaimer: Stock market investments are subject to market risks. This article is for informational purposes only.
