MIC Electronics gains after placing lowest bids for LED street lights tender in Andhra Pradesh

MIC Electronics rose 3.74% to Rs 10.83 at 16:25 IST on BSE after the company as a lead member in consortium stood as lowest bidder in the bid against tender for commissioning LED street lights in five districts of Andhra Pradesh.

The announcement was made during market hours today, 20 April 2015.

Meanwhile, the BSE Sensex was down 548.08 points, or 1.93%, to 27,894.02.

On BSE, so far 1.28 lakh shares were traded in the counter, compared with an average volume of 1.46 lakh shares in the past one quarter.

The stock hit a high of Rs 11.08 and low of Rs 10.25 so far during the day. The stock had hit a 52-week high of Rs 12.15 on 15 April 2015. The stock had hit a 52-week low of Rs 2.76 on 14 May 2014.

The stock had outperformed the market over the past one month till 17 April 2015, rising 21.96% compared with 1.02% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.14% as against Sensex's 1.14% rise.

The small-cap company has an equity capital of Rs 20.50 crore. Face value per share is Rs 2.

MIC Electronics said that the company as a lead member in consortium with 2 more companies participated in the bid against tender No. EESL/06/2014-15/SL-AP/0512024 floated by Energy Efficiency Services for design, manufacture, supply, testing, installation (retrofit), commissioning of LED street lights along with centralized control and monitoring system (CCMS) in the five districts of Andhra Pradesh i.e.. Guntur, Krishna, East Godavari, West Godavari (1.81 lakh LED street lights) and Prakasam (31,221 LED street lights). For the first four districts the company stood 1st Lowest (LI) bidder and for Prakasam District the company stood 2nd Lowest (L2) bidder.

MIC Electronics reported net loss of Rs 3.87 crore in Q3 December 2014 compared with consolidated net loss of Rs 26.74 crore in Q3 December 2013. Sales rose 30.4% to Rs 39.63 crore in Q3 December 2014 over Q3 December 2013.

MIC Electronics is into the design, development & manufacturing of LED video displays, high-end electronic and telecommunication equipment and development of Telecom software since 1988.

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