Shares of smallcap company in the industrial manufacturing sector, MIC Electronics, surged 5 per cent to hit upper circuit of Rs 44.86 on the BSE as the company announced that has received its first commercial order for its GPS Location-based Public Address and Passenger Information System (PAPIS). The stock opened gap with a gain of around 5 per cent from the previous close of Rs 42.73. Last seen, it was trading at Rs 44.32 with a gain of 3.72 per cent and the market cap of the company stood at Rs 1,068.16 crore. The stock has been gaining for the last two days and has risen 8.96 per cent in the period. Technically, it trades higher than the 5-day, 20-day and 50-day moving averages but lower than the 100-day and 200-day moving averages.
Share price history
Hyderabad-headquartered MIC Electronics Limited (MICEL) are in action on receiving the first major order from the Railway Coach Factory, Kapurthala.
According to BSE Analytics, the stock has yielded a return of 4130.77 per cent in five years and 232.33 per cent in three years.
The stock's 14-day relative strength index (RSI) is 56.04. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Stock market today
The 30-share BSE Sensex jumped 3,656.74 points to 85,323.20 in opening trade. The 50-share NSE Nifty surged 1,219.65 points to 26,308.05. Later, both the benchmark indices further extended their winning momentum. The BSE benchmark zoomed 4,205.27 points or 5.14 per cent to 85,871.73. The Nifty jumped 1,252.8 points or 4.99 per cent to 26,341.20.
Global markets and FII
In Asian markets, South Korea's Kospi rebounded and jumped 5 per cent. Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were also trading higher. US markets ended higher on Monday.
Foreign institutional investors offloaded equities worth Rs 1,832.46 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,446.33 crore, according to exchange data.
Brent crude, the global oil benchmark, dipped 0.51 per cent to USD 65.96 per barrel.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
