Multibagger defence stock Apollo Micro Systems skyrocketed 16% in intraday deals on Friday, 17 April, after the company received the government nod to manufacture ammunition.

The small-cap stock in an exchange filing today said, “This is to inform you that Apollo Micro Systems Limited (AMS) has been granted a License by the Government of India, Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade (DPIIT), for the manufacture of ammunitions.”

The license is valid for a lifetime and was issued on 10 April 2026. It allows Apollo Micro Systems to manufacture, assemble, integrate, and proof-test the following high-value strategic weapon systems and munitions.

The multibagger defence stock has received government nod to manufacture arms of calibre above 12.7 mm in Category I and Category II. The first category includes the manufacturing of missiles, anti-tank guided missiles (ATGMs), torpedoes, underwater mines, safety arming mechanisms, chaffs, flares and decoys. In the second category, they have received a nod to manufacture aerial bombs, rockets, and loitering munitions.

(This is a developing story. Check back for updates)