Stock market update: MIC Electronics shares in focus as company wins order from Indian Railway
Shares of Hyderabad-headquartered MIC Electronics Limited (MICEL) are in the news today, after the company announced winning a new order from the Indian Railways. The company has received this order from Pandit Deen Dayal Upadhyay Junction of East Central Railway zone. The order includes facilities like an electronic coach indication board (CIB) on platform number 7, fare display board for the passenger reservation centre (UTS/PRS), and video wall.
The total cost of the work is Rs 1.11 crore and the deadline to complete it is 6 months. Apart from this, the company has also received another order of ₹60 lakh to supply emergency lighting units (ELU) for the railways.
Following the news of the new order, MIC Electronics shares opened 2.5 per cent higher at Rs 60.47 today and touched an intraday high of Rs 60.90. However, by 12:30 pm, the stock was trading 0.80 per cent lower at Rs 59.50 due to selling pressure in the market.
MIC Electronics has given tremendous returns to investors in the last few years. In the last one year, this stock has given a return of 22 per cent, while in two years it increased to 203 per cent. In three years, investors have made a profit of 246 per cent. The most impressive performance has been shown by the company in five years, where it has made an unprecedented jump of about 8400 per cent. With this strong performance, the current market capitalization of MIC Electronics has reached Rs 1,434.98 crores.
Equity benchmark indices Sensex and Nifty declined in early trade on Tuesday amid uncertainty on the geopolitical and global trade front.
Foreign fund outflows also weighed on investors' sentiments.
The 30-share BSE Sensex declined 194.65 points to 81,179.10 in early trade. The NSE Nifty dipped 62.35 points to 24,654.25.
From the Sensex firms, Adani Ports, Larsen & Toubro, Bajaj Finance, ICICI Bank, Bharti Airtel and Hindustan Unilever were among the biggest laggards.
Eternal, Tata Steel, Mahindra & Mahindra and IndusInd Bank were among the gainers.
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