Share Market News: This company stock gains after it shares important update
Small-cap stock MIC Electronics is in the spotlight today, as the company has informed the exchanges that its board will soon meet to discuss and approve a proposal to acquire a company based in Singapore. The stock opened the trading session at Rs 52.80 on the BSE and reached an intraday high of Rs 54.50, marking an increase of 3.88% from the previous close of Rs 52.46. On the NSE, the stock also started at Rs 52.80 and hit an intraday high of Rs 54.60. This movement in the stock comes after three consecutive days of decline. From a technical perspective, the stock is trading above the 5-day and 20-day moving averages but below the 50-day, 100-day, and 200-day moving averages.
The 52-week high of the stock is Rs 114.74, hit on September 19, 2024 and a 52-week low of Rs 49.50 on the BSE. Board To Consider Acquisition
The company, in a regulatory filing, stated that its board will meet on July 25, 2025, to consider an acquisition and sign a preliminary MoU (memorandum of understanding), a move that could potentially reshape the company's future.
'To discuss and approve the Proposal for the acquisition of Singapore-based Company and to consider preliminary Memorandum of Understanding, agreements and related documentation,' the company informed the BSE through the filing. Share Market Today
Benchmark indices Sensex and Nifty rallied in early trade on Wednesday, reflecting a positive trend in Asian markets and instilling confidence in domestic equities.
Japan securing a trade deal with the US propelled a rally in Asian markets, which in turn added to optimistic trend in domestic equities, an expert said.
The 30-share BSE Sensex climbed 288.64 points to 82,475.45 in initial trade.The 50-share NSE Nifty went up by 88.95 points to 25,149.85.
From the Sensex firms, Tata Motors, Maruti, Eternal, Mahindra & Mahindra, Adani Ports and Bharti Airtel were among the biggest gainers, showcasing exciting potential investment opportunities.
However, Titan, State Bank of India, HDFC Bank and Hindustan Unilever were among the laggards.
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