Multibagger small-cap stock under ₹100 rebounds from intraday low after THIS fresh update
- MIC Electronics share price fell nearly 5% but recovered slightly after receiving approval for a new Emergency Lighting System. The stock opened at ₹71, hitting a low of ₹66.61. Analysts suggest buying within ₹81-83, targeting ₹90 with a stop-loss at ₹77.5.
MIC Electronics share price dropped close to 5% during Wednesday's trading session; however, the small-cap multibagger stock saw a slight recovery after the company revealed that the Competent Authority had granted approval for their Fresh Registration request to supply and install the Emergency Lighting System (ELS) for EOG Type LHB AC and NAC Coaches.
MIC Electronics share price today opened at ₹71 apiece on the BSE, the stock touched an intraday low of ₹66.61 per share and an intraday high of ₹72.12 apiece. MIC Electronics share price has fallen 40.05% from 52-week high of ₹114.8 recorded on September 19, 2024. MIC Electronics market capitalisation stands at ₹1,662.98 crore.
According to the exchange filing, the company will disclose its financial results for the quarter ending December 31, 2024, today.
In December, the company announced that the Competent Authority had granted approval for the capacity and capability assessment (CCA) of the company concerning the GPS Location-based Public Address & Passenger Information System (PAPIS) as well as LED Destination Boards for both AC and Non-AC ICF & LHB Coaches.
The company, in a filing with the exchange, noted that the Management Committee of the Board acknowledged in their December meeting that the relevant authority in Dubai had provided the necessary documents and approvals for the ₹51 crores investment made by the Company in its wholly owned subsidiary, M/s. SOA Electronics Trading Limited.
MIC Electronics has been a worldwide frontrunner in the design, development, and manufacture of LED Video Displays, advanced Electronic and Telecommunication equipment, as well as Telecom software development since 1988.
Here's what brokerage says
According to media reports, brokerage firm Anand Rathi has an accumulate recommendation on MIC Electronics Ltd as per its report from December 2024, setting a target price of ₹90. From a strategic perspective, investors might think about purchasing or accumulating shares within the 81-83 price range, aiming for an upward target of ₹90. To mitigate risk, Anand Rathi suggests implementing a stop-loss at ₹77.5 based on daily closing figures.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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