Multibagger penny stock at Rs 74.50 hit a fresh new 52-week high with heavy volume; PAT zooms over 40,000 per cent in FY24

The stock gave multibagger returns of 218 per cent in 1 year and over 5,630 per cent in 3 years.

Today, the shares of MIC Electronics Ltd gained 4.80 per cent to an intraday high of Rs 74.50 per share from its previous closing of Rs 71.11. The stock also made a fresh new 52-week high is Rs 74.50 while its 52-week low is Rs 23. In the recent trading sessions, the stock has been hitting back-to-back 52-week highs. The company's shares saw a spurt in volume by more than 3.60 times on BSE.  

MIC Electronics Ltd., founded in 1988, is a leading manufacturer of LED displays (indoor, outdoor, mobile), lighting solutions (indoor, outdoor, solar), telecom equipment, and software. They also produce medical equipment like oxygen concentrators and batteries. Headquartered in India, MIC exports its products globally and has a presence in the USA, Australia, UK, and other countries.

Earlier, the company received a Letter of Acceptance from the Firozpur Division of the Northern Railway Zone to provide coach guidance display boards at major stations within their division. The total value of this work order is Rs 3,04,95,150. The specific terms and conditions will be finalized when the contract is signed. This is a domestic order, directly awarded through tenders with a nine-month timeframe for completion from the date of the acceptance letter. No promoter or affiliated companies have any stake in the Firozpur Division, and this transaction is not considered a related party transaction.  

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Additionally, the company is issuing equity shares with a face value of Rs 2 each through qualified institutions placement (QIP). This issuance follows approval from the company's board of directors and shareholders and adheres to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (the "SEBI ICDR Regulations"). The Issue opened today, June 12, 2024, with a floor price of Rs 48.30 per share, determined based on the SEBI ICDR Regulations. The company may offer a discount of up to 5 per cent on this floor price, with the final price decided in consultation with the appointed Book Running Lead Manager. A detailed document outlining the placement terms (the Preliminary Placement Document) will be filed with the Stock Exchanges.

According to consolidated Quarterly Results, the net sales increased by 396 per cent to Rs 10.31 crore in Q4FY24 compared to Q4FY23. The company reported a turnaround net profit of Rs 8.80 crore in Q4FY24 compared to a net loss of Rs 0.01 crore in Q4FY23, an increase of 87,900 per cent. In its standalone annual results, the net sales increased by 826.3 per cent to Rs 54.58 crore and net profit increased by 41,967.3 per cent to Rs 61.84 crore in FY24 compared to FY23. Looking at the consolidated annual results, the company reported net sales of Rs 22.91 crore and net profit of Rs 0.26 crore in FY24.

MIC Electronics has a market cap of over Rs 1,600 crore with a 3-year stock price CAGR of 280 per cent. The stock gave multibagger returns of 218 per cent in 1 year and over 5,630 per cent in 3 years. Investors should keep an eye on this stock.

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