MIC Electronics surges on overseas deal

MIC Electronics surged 3.20% to Rs 132.20 at 14:35 IST on BSE after the company said it has formed a joint venture with Latin American Football Corporation for supply of display systems to 50 football stadiums in South America and Europe.

The company made this announcement during trading hours today, 13 August 2008.

Meanwhile, the BSE Sensex was down 84.63 points, or 0.56%, to 15,127.50 on weak global cues. US stocks fell on Tuesday, 12 August 2008, as bank shares tumbled on fresh worries about the economy and further losses stemming from the mortgage crisis.

On BSE, 6.88 lakh shares were traded in the counter. The scrip had an average daily volume of 74,839 shares in the past one quarter.

The stock hit a high of Rs 140.90 and a low of Rs 129.90 so far during the day. The stock had hit a 52-week high of Rs 217.56 on 27 December 2007 and a 52-week low of Rs 72.60 on 14 August 2007.

The mid-cap company had outperformed the market over the past one month till 12 August 2008, gaining 17.47% compared to the Sensex's return of 12.93%. It had underperformed the market in the past one quarter, declining 27.38% compared to Sensex's decline of 9.78%.

The company has an equity capital of Rs 20.13 crore. Face value per share is Rs 2.

The current price of Rs 132.20 discounts its Q4 June 2008 annualised EPS of Rs 9.40, by a PE multiple of 7.03.

The order is valued at $50 million, MIC Electronics said.

MIC Electronics' net profit rose 30.8% to Rs 23.65 crore on a 28.9% decline in net sales to Rs 81.41 crore in Q4 June 2008 over Q4 June 2007.

MIC Electronics is engaged in designing and manufacturing LED video display systems. The LED products manufactured by the company find various applications, including sport and live events, advertising campaigns and news ticker displays