The shares of a global leader in LED display production locked around 2 percent upper circuit on Monday’s early trade after the business received a project from Indian Railways.
At 11:15 p.m., MIC Electronics Ltd shares touched around 2 percent upper circuit of Rs 27.40 apiece on the National Stock Exchange, and the company has a market capitalization of Rs 606 crores.
As per the company’s exchange filing, The Nagpur Division of the Central Railway Zone has granted MIC Electronics Limited a Letter of Acceptance for Signalling and Telecom works in connection with the Amrit Bharat Station Scheme at Itwari (ITR), Kamptee (KP), Bhandara Rd. (BRD), and Tumsar Rd. (TMR) Stations. The total value of the work order is Rs 4.03 crore, and to be completed in 9 months from the date of issue of the Letter of Acceptance.
The company’s stock has gained multibagger returns of 125 percent in six months, A shareholder’s investment of Rs. 1 lakh in the company would be worth Rs. 2.25 lakhs after a half-year.
MIC Electronics operational revenue has increased by 241 percent year on year, from Rs 2.42 crore in Q1FY22 to Rs 8.26 crore in Q1FY23. During the same period, net loss decreased from Rs 1.24 crore to a profit of Rs 1.24 crore.
MIC Electronics Limited provides element management system (EMS) and network management System (NMS) solutions for the telecommunications, railway, and network industries.
As per the latest shareholding pattern, promoters own 74.63 percent of the company, while retail investors own 25.37 percent.
The company is classified as a penny stock. Individual investors must conduct extensive research before investing since high-return penny stocks have volatile performance, are rarely traded, and a small number of trades may result in a circuit limit.
Written by Omkar Chitnis
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