Apollo Microsystems, Zen Tech, BEML shares rally 14%: NIFTY Defence stocks in focus on April 9

The NIFTY India Defence index saw 16 of its total 19 constituents advance, while three declined during the trading session.

Among the index’s top gainers were Apollo Micro Systems, Zen Technologies, Hindustan Aeronautics, Cochin Shipyard, and Bharat Dynamics, among others.

On the other hand, Bharat Forge, Mishra Dhatu Nigam, and Aequs were the only losers in the NIFTY India Defence index.

Defence stock in focus

Among individual stocks, shares of Apollo Micro Systems rallied as much as 14.82% to hit an intraday high of ₹238.90 per unit on the National Stock Exchange (NSE), as the defence firm informed the exchanges that it has successfully completed blast trials for Limpet mines.

At the time of writing, it was trading 11.11% higher at ₹231.16 per equity share.

In a regulatory filing, the company said that the aforementioned limpet mines are diver carried mines used in naval defence.

It added that it is the only Indian company to have successfully developed this product for the Indian Navy.

Apollo Microsystems stated, “this is a remarkable milestone for the company positioning it to be a provider of a complete spectrum of underwater mines right from shallow waters, deep waters and limpet mine categories building its strengths in underwater electronic warfare systems.”

BEML stock rose as much as 2.8% to the session’s peak of ₹1,630.80 per equity share on the NSE. It stood at ₹1,603.20 apiece, up by 1.08% at the time of writing.

This comes as the company, in a regulatory filing, said that it signed a Memorandum of Understanding with the Delhi Metro Corporation on April 8.

Under the strategic partnership, both parties agreed to jointly bid, identify, pursue, and execute opportunities for rail and metro projects in India and abroad.

Shares of Bharat Forge fell as much as 3.22% to touch an intraday low of ₹1,724.10 per unit. It was trading 2.15% lower at ₹1,743.10 per equity share at the time of writing.

The stock declined as its board of directors, at a meeting held on April 9, reviewed and evaluated a proposal for the phased restructuring of the steel and forging operations of its Germany-based wholly owned subsidiary, Bharat Forge CDP GmbH (BF CDP).

The proposal may include an orderly wind‑down and solvent liquidation of BF CDP, in accordance with applicable German laws, it added, stating that this is being considered in light of the market challenges and the associated cost disadvantages faced by BF CDP in Germany.

To facilitate the proposed restructuring, the board approved a financing arrangement of up to 30 million euros.

“The Board has delegated the necessary authorities to its sub‑committee to oversee further evaluation and implementation. Subsequent developments will be communicated to the Exchanges in accordance with the Listing Regulations,” it added.