New Delhi, June 29 -- Apollo Micro Systems share price surged more than 7% on Monday, 29 June, despite stock market sell-off after reports indicated that its key customer, Bharat Electronics Ltd (BEL), is likely to secure a Rs.30,000-crore order under the Quick Reaction Surface-to-Air Missile (QRSAM) programme.

The rally followed a CNBC-TV18 report, citing BEL management's interaction with Kotak Securities, which said the proposed QRSAM order is expected to receive government approval in the coming weeks. According to the report, BEL management anticipates that the contract will be awarded within the next few weeks.

Apollo Micro Systems is a key supplier to both BEL and Bharat Dynamics Ltd (BDL) for the QRSAM programme. The indigenously...