Small-cap IT stock jumps despite weak trends in Indian stock market
The company has recently obtained a substantial domestic work order from the Signal and Telecommunication Branch of the Palakkad Division S&T at the Railway Divisional Office in Palakkad.
This contract, worth ₹ 1,28,34,157.90, entails the supply, installation, testing, and commissioning of an IPIS system at the Kannur station. This initiative is part of a larger project aimed at enhancing Passenger Amenities under the Amrit Bharat Station Scheme and includes a comprehensive annual maintenance contract (CAMC) for six years.
The company has received the Letter of Acceptance for this direct contract, which was secured through a tender process, and is anticipated to complete the project within six months from the date of the letter.
MIC Electronics share price today opened at ₹ 54.28 apiece on the BSE, the stock touched an intraday high of 55.36 per share, and an intraday low of ₹ 53.59 apiece.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, this is an underperforming stock, but is showing signs of bounce back from March swing low, prices have now breached 20EMA and maybe an extension of bounce can be seen, 58 - 60 is the next resistance, on flip side, 50 is the immediate support.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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