The shares of a global leader in LED display production locked around 2 percent upper circuit on Thursday’s early trade after the company board approved to raise funds through Qualified Institutions Placement.
At 11:15 p.m., MIC Electronics Ltd shares touched around 2 percent upper circuit of Rs 31 apiece on the National Stock Exchange, and the company has a market capitalization of Rs 686 crores.
According to the company’s exchange filing, the board of directors has approved raising capital of up to Rs. 90 crores through Qualified Institutions Placement (“QIP”) or private offers, or any combination thereof.
The MIC electronics share has delivered 147 percent in six months and 123 percent over a year. A one-lakh rupee investment in the firm would be worth Rs. 2.47 lakhs after a year and Rs. 2.23 lakhs after a half-year.
The operational income of MIC Electronics has risen by 241 percent year on year, from Rs 2.42 crore in Q1FY22 to Rs 8.26 crore in Q1FY23. During the same time period, the net loss was reduced from Rs 1.24 crore to Rs 1.24 crore.
MIC Electronics Limited offers element management system (EMS) and network management System (NMS) solutions for the telecommunications, railway, and network industries.
According to the latest shareholding pattern, the company promoters hold 74.63 percent stake, while retail investors possess 25.37 percent.
Since this 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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