Shares of MIC Electronics were locked at the 5 percent upper circuit to hit a 52-week high of Rs 40 per share on the BSE on October 17 after the company bagged orders worth Rs 3.55 crore from the Central Railways Hyderabad Division. The S&P BSE Sensex was up 331 points or 0.5 percent to 66,498 as of 11:15am.
In less than three weeks, the company had bagged three other orders from Central Railways – one from the Hyderabad division (Rs 3.38 crore) and others from Vijayawada (Rs 1.5 crore) and Kota divisions (Rs 2.7 crore).
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The stock of this smallcap company has surged 39 percent in a month as against a 2 percent decline in the benchmark Sensex during the same period. Earlier, the stock had sunk to a 52-week low of Rs 10 apiece on November 18, 2022.
The company informed through an exchange filing on October 17 that it received the letter of acceptance (LoA) from the Hyderabad Division of South – Central Railway Zone for enhancement of passenger amenities in connection with provision of minimum essential telecom amenities at Nizamabad, Kurnool City, Malakpet, Yakatpura, Huppuguda, Sri Balabramareshwara Jogulamba Stations under the ‘Amrit Bharat Station Scheme’ (ABSS).
The order, the company said, is expected to be executed within 12 months from the date of issue of LoA. The order does not fall within any related-party transactions.
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MIC Electronics is engaged in the manufacturing of light-emitting diode (LED) lighting solutions. The company is involved in development, production, and sale of video and animation displays and text and graphic displays. It also offers a variety of indoor and outdoor video walls for rent or lease.
In the June-ended quarter of fiscal year 2023-24 (Q1FY24), the company’s revenue rose seven-fold to Rs 7 crore from Rs 1.1 crore in the year-ago period. MIC Electronics’ net profit too turned positive to Rs 1.2 crore during the quarter.
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