The shares of a global leader in LED display production locked 5 percent upper circuit and reached a 52-week high price of Rs 26.05 apiece after the business received a project from Indian Railways.
The company with a market valuation of Rs 576 crores, MIC Electronics Ltd shares rose 5 percent in early session on the National Stock Exchange on Tuesday.
According to the company’s exchange filing, the company has received a Letter of Acceptance from the Sambalpur Division of the East Coast Railway Zone – Indian Railways for the provision of coach indication boards and train indicator boards in connection with the Amrit Bharat Work. The total value of the work order is Rs 3.56 crore, and it was completed in 6 months from the Letter of Intent.
MIC Electronics Limited manufactures light-emitting diodes and graphic displays. In addition, the firm offers element management system (EMS) and network management System (NMS) solutions for the telecom, railway, and network sectors.
Over a period of a year, the company’s stock has returned 102 percent. After a year, a shareholder’s investment of Rs. 1 lakh in the firm would be worth Rs. 2.02 lakhs.
MIC Electronics operational revenue jumped by 250 percent in Q1FY23-24, from Rs 2 crore to Rs 7 crore, compared to the prior quarter (Q4 FY 22-23). During the same time period, net profit fell by half, from Rs 2.43 crore to Rs 1.24 crore.
In comparison to the same quarter previous year, MIC Electronics Limited recorded a 240 percent rise in sales from Rs 2.42 crore to Rs 8.26 crore. Furthermore, a 200 percent rise in net profit from a loss of Rs 1.24 crore to a profit of Rs 1.24 crore for the quarter ending June 2023, i.e., Q1FY23-24.
According to the latest shareholding pattern, promoters own 74.63 percent of the firm, while retail investors own 25.37 percent.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
