Shares of Apollo Microsystems rose above 8% in early trade on Wednesday after the small-cap defence company received an export order worth USD 13 million or Rs 113.81 crores. At around 11:34 am, the shares of the company were trading at Rs 169.19, up 8.59% against the previous day's closing price. The company's shares have been soaring for the past 2 days ahead of the board meeting. 

"We are pleased to inform you that Apollo Micro Systems Limited, in the ordinary course of its business, has received an export order valued at USD 13,366,500 (equivalent to approximately INR 113.81 crores) for the Development of an Avionic System," the company said in an exchange filing.

"This project pertains to the development of an advanced avionics system intended for use in civil and military aircraft applications. However, due to the sensitive nature of the engagement, specific technical and program details are bound by a Non-Disclosure Agreement (NDA) with the customer," the filing said.

Board To Meet Today

The company's shares soared over 10% on Tuesday as well. Apart from the recent order, one of the other reasons behind the recent rally in the shares is the upcoming March quarter results and speculation around a potential dividend announcement.

Apollo Micro Systems' board is scheduled to meet today, on May 28, to consider the proposal to recommend a dividend to the shareholders, the company informed earlier.

This is a developing story..