MIRC Electronics zooms 44% in two days post Q1 results

The stock trading at its 52-week high of Rs 24.16, zoomed 44% in past two trading sessions from Rs 16.79 on September 13, 2017.

MIRC Electronics has hit the upper circuit for the second straight day, up 20% at Rs 24.16 on BSE after the company on Wednesday reported nearly four-fold jump in net profit at Rs 4.50 crore in June quarter (Q1FY18).

The company engaged in consumer electronics business had reported a profit of Rs 1.16 crore in a year ago quarter.

Net sales during the quarter, however, declined by 14% to Rs 207 crore against Rs 240 crore in the corresponding quarter of previous fiscal.

The stock trading at its 52-week high, zoomed 44% in past two trading sessions from Rs 16.79 on September 13, 2017.

The trading volumes on the counted jumped more than 10-fold with a combined 19.85 million shares changed hands till 02:07PM. There were pending buy orders for 1.03 million shares on BSE and NSE, the exchange data shows.