Shares of Mic Electronics Ltd. extended gains to fifth day on positive sentiment after the company secured orders worth Rs 1.33 crore from Southern Railway. It has received a letter of acceptance from the Salem division of the Southern Railway Zone to provide telecom based passenger amenities, it said in the exchange filing on Sept 10.
The stock has been rising since last Tuesday, and has recorded 21.53% gain during the period.
Mic Electronics Ltd. hit the 5% upper circuit for two days in a row. As of 09:54 a.m., the stock was locked in the upper circuit, compared to a 0.27% rise in NSE Nifty 50 index.
Mic Electronics is expected to execute the order in six months from the date of receiving the letter of acceptance.
Earlier in September, the industrial products manufacturer received another letter of acceptance from Western Railway Zone for an order worth Rs 86.44 lakh. As a part of the order, it will supply, install, test, and commission telecom material in connection with providing 12 metre wide foot over bridge that will connect platform under Amirit Bharat Station Scheme at 14 stations, the company said in an exchange filing dated Sept 6
Mic Electronics Ltd. hit the 5% upper circuit and rose to Rs 99.18 apiece, the highest level since July 4.
The stock gained 243.01% in 12 months, and 193.43% year-to-date. Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 75.67, which implied the stock is overbought.
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