4,300 per cent returns: Multibagger penny stock under Rs 40 announces fund raising up to Rs 90,00,00,000 through QIP; scrip hit upper circuit & 52-week high!

The stock gave multibagger returns of 150 per cent in just 6 months, 2,265 per cent in 2 years and over 4,300 per cent in 3 years.

MIC Electronics is a global leader in the design, development & manufacturing of LED Video Displays, high-end electronic and telecommunication equipment and development of telecom software, informed that the Board of Directors of the company at its meeting, inter-alia, approved the following items of business:

1. Issue of securities of the company to raise funds up to Rs 90,00,00,000 through Qualified Institutions Placement (QIP) or private offerings or any combination thereof.

2. Authorization to the Management Committee of the Board to appoint various agencies/consultants in connection with the proposed QIP or private offerings.

3. The draft Postal Ballot Notice and fixed the cut-off date as Friday, September 08, 2023.

4. Appointment of Mr. Y Ravi Prasada Reddy, proprietor of RPR & Associates, Practicing Company Secretaries as the Scrutinizer for conducting the Postal Ballot in a fair and transparent manner.

5. To open a Branch Office of the Company on the 12th Floor, Kanakia Wall Street, Andheri - Kurla Rd, Chakala, Andheri East, Mumbai, Maharashtra 400059.

MIC Electronics has a market cap of Rs 690.91 crore with a 5-year stock price CAGR of 65 per cent. On Thursday, shares of MIC Electronics Ltd jumped 2 per cent upper circuit to Rs 31.32 per share from its previous closing of Rs 28.39. The stock also traded at a new 52-week high of Rs 31.32 per share with a spurt in volume by more than 2.76 times on BSE.

The company have announced its Quarterly Results (Q1FY24) wherein revenue from operations grew by 241.32 per cent from Rs 2.42 crore and net profit skyrocketed by 200 per cent from a net loss of Rs 1.24 crore in Q1FY23 to a net profit of Rs 1.24 crore in Q1FY24.

The stock gave multibagger returns of 150 per cent in just 6 months, 2,265 per cent in 2 years and over 4,300 per cent in 3 years. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.