Mirc Electronics gallops 36.21% in two sessions

Mirc Electronics galloped 13.56% to Rs 22.87 at 11:35 IST on BSE, with the stock extending previous sessions' surge triggered by the company announcing stellar Q1 results.

Meanwhile, the S&P BSE Sensex was down 73.72 points or 0.23% at 32,168.21. The S&P BSE Small-Cap index was down 52.56 points or 0.32% at 16,572.74.

High volumes were witnessed on the counter. On the BSE, 29.17 lakh shares were traded on the counter so far as against the average daily volumes of 1.52 lakh shares in the past one quarter. The stock had hit a high of Rs 24.16 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 22.25 so far during the day. The stock had hit a 52-week low of Rs 11.56 on 21 November 2016.

The small-cap company has equity capital of Rs 21.18 crore. Face value per share is Re 1.

The stock had hit 20% upper circuit at Rs 20.14 yesterday, 14 September 2017, after the company announced robust Q1 results, after market hours on 13 September 2017. The company's net profit jumped 287.9% to Rs 4.50 crore on 13.7% decline in net sales to Rs 207.29 crore in Q1 June 2017 over Q1 June 2016.

The stock has surged 36.21% in two sessions to its ruling price, from a close of Rs 16.79 on 13 September 2017, after the company announced strong Q1 results.

MIRC Electronics makes electronic products such as television sets, washing machines, air conditioners, DVDs and microwave ovens under the Onida brand. The company also makes mobiles phones under the Onida brand.

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