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Shares of MIC Electronics, a small-cap stock priced below ₹100, rose more than 4% on Wednesday after the company announced important updates regarding its management and business plans. The stock jumped by as much as 4.66% to reach ₹98.50 on the Bombay Stock Exchange (BSE).
During a meeting on October 16, the board of directors at MIC Electronics approved the appointment of Penumaka Venkata Ramesh as an Additional Director in the Non-Executive Independent category. His term will last for five years, starting October 15, 2024, pending approval from the company’s members. Ramesh will also serve as the Non-Executive Chairman.
The board also greenlit a plan to acquire other companies in related fields to help expand MIC Electronics’ market presence and gain access to new markets and technologies.
Additionally, on October 9, MIC Electronics announced it received a Letter of Acceptance from the Malda Division of the Eastern Railway Zone. This letter pertains to a contract for providing CIB at platforms 1, 2, and 3 of Abhaipur station, worth ₹1.21 crore. The work is expected to be completed within six months of receiving the letter.
MIC Electronics Stock Performance
MIC Electronics has been a multibagger stock, delivering over 184% returns so far this year. In the past year, the stock has surged by more than 148%. As of 12:20 pm, shares were trading at ₹96.38, showing an increase of 2.41% on the BSE.
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