India's Apollo Micro Systems rises on $13.3 mln loan approval for project

Apollo Micro Systems

22/02/2024 05:31

** Shares of Apollo Micro Systems  APLL.NS  up 2.7% at
126.85 rupees
    ** Stock up 5.6% for the week so far after logging two
straight weekly losses
    ** Electronics components manufacturer said it has received
sanction for a term loan of 1.10 bln rupees ($13.3 mln) from the
State Bank of India  SBI.NS 
    ** Loan is for co's upcoming project in Hyderabad to set up
integrated plant for Ingenious Defence Systems
    ** Stock has been trading above its 200-day moving avg since
July 2022
    ** Including session's moves, stock up 11.4% so far this
year, following a 290% surge in 2023



($1 = 82.9140 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))