The shares of Apollo Micro Systems (ASM) remained in focus during intraday trade on Tuesday after the defence company was selected by the Indian Air Force as the prime development agency for an indigenous precision range extension kit (IPREK). The selection is in the Make-II (Industry Funded) sub-category, which is one of India's most progressive defence procurement pathways under DAP-2020.

According to an exchange filing, Indian companies are invited to invest in the design and development of advanced military systems at their own cost, with the Government committing to procure successful prototypes at scale.

"Apollo Micro Systems Limited (AMS) today announced that it has been formally shortlisted and empanelled by the Indian Air Force (IAF) as a Prime Development Agency (DA) for the Indigenous Precision Range Extension Kit (IPREK) programme, under the Make-II (Industry Funded) category of India's Defence Acquisition Procedure 2020 (DAP-2020)," the company said in an exchange filing.

Stock Price History: 100% Rally In Year

The defence sector stock has given multibagger returns to its investors, gaining nearly 3,20in thethe last five years. According to NSE analytics, the stock rose over 35 per cent this year till date (YTD). The scrip doubled investors' money in the year, rising nearly 110 per cent. In the last six months, the defence stock rose over 55 per cent. However, in the last 30 days, the Apollo Micro Systems stock fell over 5 per cent.

Share Price Today: Despite the big announcement, the defence stock traded lower in today's trade amid subdued momentum in the domestic stock market. Last seen, the company shares were trading at 382.30, down 2.71 per cent from the last closing of Rs 392.95 on NSE.

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Meanwhile, it's 52 week high and low stood at Rs 466.50 and Rs 162.34, respectively.

Stock Market Today

The Indian stock market lost the early hour gaining momentum in afternoon trade amid a decline in Asian peers and subdued investors' sentiment. BSE Sensex was trading at 76,788.03, 0.062 per cent or 47.75 points down. Nifty50 was quoted at 23,986.90, down 0.038 per cent or 9.05 points down.

Disclaimer: This story is for informational purposes only. It should not be considered investment advice.