India's Apollo Micro Systems rises as Systematix starts coverage with 'buy'
BUZZ-India's Apollo Micro Systems rises as Systematix starts coverage with 'buy' ** Systematix initiates coverage of India's Apollo Micro Systems APLL.NS with "buy" rating and PT of 570 rupees
** Shares up 3.9% to 404.15 rupees
** Brokerage sees potential structural opportunity for co to evolve from a subsystem and electronics supplier into an integrated weapon systems manufacturer
** Co aiming to bag orders worth 120 billion rupees ($1.27 billion) over next two years from mines, torpedoes and missiles, Systematix says
** Notes integration of acquired IDL Explosives and APLL's stakes in Premiers Explosives (PEL) will enhance co's missile capabilities, aligning with Indian government's push for missile development in private sector
** Says defence projects like MIGM (Multi-Influence Ground Mine) mines, rocket launcher programme and quick-reaction surface-to-air missiles may increase order flow in near future
** Stock up 48.79% YTD
($1 = 94.4200 Indian rupees)
(Reporting by Anushka Rajvedi in Bengaluru)
((mailto: anushka.rajvedi@thomsonreuters.com))
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