Multibagger penny stock under Rs 50: This electric equipment company bags new order worth Rs 3,04,95,149.54 from Northern Railway

The stock gave multibagger returns of 165 per cent in 1 year and over 3,300 per cent in 3 years.

MIC Electronics Limited has 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 3,04,95,149.54. 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. The acceptance of this order occurred on June 10, 2024, at 2:30 PM.

On Monday, shares of MIC Electronics Ltd gained 0.81 per cent to Rs 49.64 per share from its previous closing of Rs 49.24 with an intraday high of Rs 50.41 and an intraday low of Rs 48.27. The stock’s 52-week high is Rs 59.80 and its 52-week low is Rs 18.

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.

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According to standalone Quarterly Results, the net sales increased by 674.7 per cent to Rs 22.96 crore and net profit increased by 1,941.6 per cent to Rs 49.59 crore in Q4FY24 compared to Q4FY23. 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.

In March 2024, one of the promoters sold 75,000 and decreased its stake to 74.59 per cent compared to 74.63 per cent in March 2023. MIC Electronics has a market cap of over Rs 1,000 crore with a 3-year stock price CAGR of 230 per cent. The stock gave multibagger returns of 165 per cent in 1 year and over 3,300 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.