Mumbai/IBNS, April 17 -- Shares of Apollo Micro Systems Ltd. surged over 13% on Friday after the company secured a defence manufacturing licence from the Government of India, media reports said.

The stock was trading 13.1% higher at Rs. 275.4, extending its gains over the past month.

Apollo Micro Systems has received a licence from the government to manufacture a range of defence weapon systems and ammunition.

Under the licence, the company is authorised to manufacture, assemble and test high-calibre weapon systems.

The manufacturing and testing activities will be carried out at its facilities in Hyderabad.

Managing Director B Karunakar Reddy said the licence marks a significant step in strengthening the company's position in the def...