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What is the story about?
Shares of Apollo Microsystems gained almost 4% on Wednesday, July 22, after receiving an order to develop an autonomous underwater system for the Indian Navy.
The company bagged a Make-II Prototype Sanction Order (PSO) to develop the system called SAVIOR-ASW for the Indian Navy, according to a regulatory filing.
Also Read: Apollo Micro Systems bags ₹134 cr defence orders from DRDO, Navy and PSUs
The SAVIOR-ASW programme would help India own the technologies that protect its maritime boundaries,Baddam Karunakar Reddy, Managing Director, Apollo Micro Systems Ltd., said.
The order is a green light for the company to build a test model of a semi-submersible vessel that is designed to track submarines and provide underwater surveillance. The vessel to be developed will use advanced sensors to analyse threats and send information back to command centres without requiring personnel physically on board. The approach is more cost-effective than traditional warships, the statement said.
The statement said that the estimated total value of the global market for autonomous maritime systems by the year 2032 would stand at $10 billion.
About 68% of India's total trade value moves by maritime routes, with about 42% of the world's crude oil moving across the Indian Ocean region, the company said.
Earlier this month the company had secured orders worth ₹134.35 crore from the Defence Research and Development Organisation (DRDO), the Indian Navy, defence public sector undertakings (PSUs), a state government and private sector clients, which helped strengthen its order pipeline amid a broader expansion in the defence sector.
Shares of the company rose as much as 4%, hitting an intraday high of ₹406 on Wednesday morning, but have since pared some of their gains and were trading at ₹405.50 as of 12:55 pm, still up nearly 3.8%. The shares have gained about 47.07% so far this year, and close to 120.77% over the last 12 months.
Also Read: Tata Communications Q1 Results: Multiple one-offs hit profit, margins drop; Stock falls
The company bagged a Make-II Prototype Sanction Order (PSO) to develop the system called SAVIOR-ASW for the Indian Navy, according to a regulatory filing.
Also Read: Apollo Micro Systems bags ₹134 cr defence orders from DRDO, Navy and PSUs
The SAVIOR-ASW programme would help India own the technologies that protect its maritime boundaries,Baddam Karunakar Reddy, Managing Director, Apollo Micro Systems Ltd., said.
The order is a green light for the company to build a test model of a semi-submersible vessel that is designed to track submarines and provide underwater surveillance. The vessel to be developed will use advanced sensors to analyse threats and send information back to command centres without requiring personnel physically on board. The approach is more cost-effective than traditional warships, the statement said.
The statement said that the estimated total value of the global market for autonomous maritime systems by the year 2032 would stand at $10 billion.
About 68% of India's total trade value moves by maritime routes, with about 42% of the world's crude oil moving across the Indian Ocean region, the company said.
Earlier this month the company had secured orders worth ₹134.35 crore from the Defence Research and Development Organisation (DRDO), the Indian Navy, defence public sector undertakings (PSUs), a state government and private sector clients, which helped strengthen its order pipeline amid a broader expansion in the defence sector.
Shares of the company rose as much as 4%, hitting an intraday high of ₹406 on Wednesday morning, but have since pared some of their gains and were trading at ₹405.50 as of 12:55 pm, still up nearly 3.8%. The shares have gained about 47.07% so far this year, and close to 120.77% over the last 12 months.
Also Read: Tata Communications Q1 Results: Multiple one-offs hit profit, margins drop; Stock falls
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