- MIC Electronics shares jumped 10% after announcing a new electric vehicle (EV) battery charger for e-cycles and two-wheelers.
- The company’s stock price hit Rs 42 on the NSE, with trading volumes doubling due to the announcement.
- MIC Electronics also reported a significant turnaround in profits, posting a net profit of Rs 2.71 crore in the December quarter compared to a net loss of Rs 96 lakh in the same period last
Shares of MIC Electronics shot up by 10 percent in the afternoon trade on February 15. This happened after the company announced that it has made a new electric vehicle (EV) battery charger for e-cycles and two-wheelers. They said they’re gonna start selling it real soon, probably in March.
At 12:53 pm, MIC Electronics was trading at Rs 42 on the NSE. The announcement made lots of people buy and sell shares of the company. Around 15 lakh shares were traded, way more than the usual 7 lakh shares traded in a day over the last month. The company is also working on making more powerful chargers for e-cycles and two-wheelers.
Recently, they shared their earnings report for the last quarter. They made a profit of Rs 2.71 crore from October to December. This is a big change from last year when they had a loss of Rs 96 lakh during the same time. Their sales also jumped up a lot from Rs 1.24 crore last year to Rs 17.5 crore this year in the same quarter.
So, to sum up, MIC Electronics is doing really well right now. They’ve made a cool new charger for electric bikes and scooters, and they’re making plans to start selling it very soon. And their profits are up, which is great news for them and their investors!