New Delhi, Oct. 16 -- Shares of Apollo Micro Systems surged nearly 1% in Thursday's intraday trade on October 16, reaching Rs.293.70 apiece, following the company emerging as the lowest bidder for orders from DRDO and Defence Public Sector Undertakings (DPSUs).

The company has been declared the lowest bidder by DRDO for orders worth Rs.43 million and has also been declared the lowest bidder by DPSUs for orders worth Rs.349.7 million. "Accordingly, the total value for which the company has emerged as the lowest bidder aggregates to Rs.392.7 million," the company said in today's regulatory filing.

Meanwhile, the company recently released its September quarter business update, reporting revenue of Rs.225.26 crore, marking a 40% year-on-yea...