Shares of Apollo Micro Systems Ltd. have rallied in trade on Thursday after the company's subsidiary entered into a Memorandum of Understanding (MoU) with US-based company Defence Engineering and Design Inc.
The shares of Apollo Micro are trading with gains of more than 3% in trade, reaching an intraday high of Rs 294.
Apollo Strategic Technologies Pvt Ltd. (ASTPL), a step-down subsidiary of the company, reached an agreement with Defence Engineering and Design, in which the entity will co-develop and potentially produce rocket motors for BM-21 Grad ER and non-ER rockets.
The MoU serves as an "integral step towards indigenising propulsion technologies for multibarrel rocket systems and enhancing self-reliance in critical defence systems". It is part of the Make-In-India initiative, the company confirmed in an exchange filing.