Small-cap defense player Apollo Micro Systems surged nearly 6% in intraday trade on January 29 after securing a new order from the Defence Research and Development Organisation (DRDO). The stock opened at ₹120.10 on the BSE and spiked to an intraday high of ₹125.80, reflecting a 5.8% jump from its previous close of ₹118.95. By 11:40 AM, it was trading 3.61% higher at ₹123.25. The rally was fueled by the company’s post-market announcement on January 28, confirming its selection as the lowest bidder (L1) for DRDO orders worth ₹7.37 crore. Securing the L1 position typically guarantees the contract. This follows a previous DRDO order in November, when Apollo also landed contracts worth ₹4.65 crore from DRDO and Adani. Additionally, in December, the company bagged orders worth ₹21.42 crore from Bharat Electronics Limited (BEL) and a private firm. Beyond contract wins, Apollo is set to release its Q3 earnings on February 4. The company also approved a capital infusion through preferential shares at ₹114 per share, increasing its paid-up capital from ₹36 crore to ₹45 crore, with ₹3.34 crore allocated via preferential issuance. Despite a lackluster year, Apollo Micro Systems has staged a comeback, gaining 7% in January after a 15% rise in December. The stock hit a 52-week low of ₹88.10 on October 23 but rebounded to ₹157 on January 21. As per the latest shareholding data, promoters hold a 55.12% stake, while non-institutional investors own 43.28%.