Smallcap stock rises after MoU to co-develop custom semiconductor solutions

Stock rises in trade.

Shares of smallcap MIC Electronics advanced on Monday after the company said it has signed a Memorandum of Understanding with Chipex Technologies for jointly developing custom semiconductor solutions.

The stock touched an intraday high of Rs 58.69 on the NSE, up 6.81 percent from the previous close.

According to the company, the MoU sets out a plan to collaborate with Chipex to design and develop custom silicon in line with MIC’s product roadmap. The move is aimed at improving product differentiation, performance and long-term supply stability.

Addtionally, the company said it has received Letters of Variations from South East Central Railway and Northern Railway.

Meanwhile, the equity benchmarks rebounded on Monday, supported by positive global cues and renewed foreign fund inflows ahead of the US Federal Reserve’s policy decision later this week. Around 12 pm, the Sensex surged 694.97 points, or 0.83 per cent, to 84,906.85, while the Nifty gained 206.80 points, or 0.80 per cent, to 26,001.95.

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