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Apollo Micro Systems shares rose 1% after the defence manufacturer was said to be nearing a deal to acquire Premier Explosives for Rs 2,300-2,500 crore, including the cost of an open offer to minority shareholders, ET reported.

A board meeting of Premier Explosives is scheduled for today.

Both Apollo Micro Systems and Premier Explosives are headquartered in Hyderabad. The proposed deal, if completed, would bring together two defence-focused companies at a time when India’s defence spending and exports are rising sharply.

Apollo Micro Systems makes defence equipment linked to India’s indigenisation and modernisation programmes. Its products include naval defence mines and components used in missile systems.

Premier Explosives makes explosives for defence and industrial use. Its products include TNT and propellants used in missiles. The company’s promoters own around a 40% stake. Their stake was recently transferred to a trust, as it was earlier held by promoters in their individual capacities.

Also Read: TCS shares dip 2% ahead of Q1 earnings today. What can shareholders expect?
Apollo Micro Systems announced a Rs 3,200 crore fundraise earlier this week through the issue of shares and warrants to promoter and non-promoter entities. Several foreign portfolio investors, high net-worth individuals and funds are expected to participate in the funding.The proposed acquisition comes as private defence companies are drawing strong investor interest. India’s defence expenditure for 2026-27 is estimated at Rs 7.5 lakh crore, according to government data, about three times the level seen a decade ago. Defence exports have also crossed Rs 35,000 crore.

This has opened up opportunities for private companies in areas such as ammunition, explosives, missile components, electronics, drones, naval systems and aerospace manufacturing.

Several large private-sector groups have also stepped up their defence plans. Adani Defence and Aerospace has announced investments in the sector and recently inaugurated a project in Madhya Pradesh to manufacture TNT and propellants. Tata Group companies are also working through joint ventures with global defence majors such as Lockheed Martin and Boeing.

For Apollo Micro Systems, buying Premier Explosives would expand its presence from defence electronics and systems into explosives and propellants, giving it a wider role in the defence manufacturing chain.

The deal would also come at a time when the government is pushing domestic manufacturing in defence and seeking to reduce import dependence. Companies with approved products, manufacturing capacity and defence order pipelines are likely to remain in focus as spending rises.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times.)

Shares of Dr Reddy’s Laboratories fell 6.5% to Rs 1,261 on the BSE on Thursday after the company said commercial supplies of its semaglutide product will be delayed following a quality-related issue linked to the active pharmaceutical ingredient (API) used in certain batches.

In an exchange filing, the company said certain batches of semaglutide were found to be out of specification due to an issue associated with the API used in the product. It added that an investigation is underway to identify the root cause and that appropriate measures are being taken to ensure product quality.

Dr Reddy’s said commercial supplies of the product will be delayed until the issue is resolved. The company clarified that the development has no impact on patient safety or on the product’s existing global regulatory filings. It also reiterated its commitment to ensuring reliable global supplies of the metabolic therapy.

Also read: Margin revival, Semaglutide launch to drive Dr Reddy’s growth momentum in FY27Dr Reddy’s further said its management will host a conference call to discuss the development and answer questions from participants.

The disclosure comes less than two months after Dr Reddy’s commercially launched its oral semaglutide tablet under the brand name Obeda in India for the treatment of type-2 diabetes. The once-daily oral drug is available in 3 mg, 7 mg and 14 mg strengths, priced at Rs 99, Rs 135 and Rs 225 per tablet, respectively.
The company had positioned the launch as a key milestone in building its GLP-1 portfolio after also becoming one of the first companies to launch a generic once-weekly injectable semaglutide in India following the expiry of the relevant patent earlier this year.

Dr Reddy’s Q4 snapshot

The pharma giant reported 86% year-on-year (YoY) decline in consolidated net profit to Rs 221 crore for the January-March quarter of FY26, as against Rs 1,587 crore in the year-ago period, leading to target price cuts by brokerages.
Its revenue from operations, meanwhile, fell 12% YoY to Rs 7,516 crore during the quarter under review, from Rs 8,506 crore reported in the corresponding quarter of the previous financial year.
Read more: Dr Reddy’s launches generic Semaglutide injection, popular weight-loss drug, in Canada

The decline in quarterly earnings was primarily on account of reduced sales of Lenalidomide, price erosion in North America and Europe Generics and a one-time SSA impact.

Dr Reddy’s share price has remained flat in 2026, up 2% YTD. In the last 5 years, the stock has delivered a return of 17%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)