If you’re in pursuit of a high-performing penny stock, MI Electronics should be on your radar. This stock has garnered impressive returns for its investors in a short time. On October 17th, the company’s stock experienced a 5% upward surge, closing at a price of 40.60 INR. This spike was primarily attributed to the recent order the company secured from the Central Railway’s Hyderabad Division worth 3.55 crore INR, prompting significant investor interest.
In less than three weeks, this battery-manufacturing enterprise has managed to secure three more orders from the Central Railway. These contracts hail from the Hyderabad Division (3.38 crore INR), Vijayawada (1.5 crore INR), and Kota Division (2.7 crore INR).
In an official filing, MI Electronics informed the exchanges that it has received a Letter of Acceptance (LoA) from the South-Central Railway’s Hyderabad Division. This approval relates to the provision of essential telecom amenities at various stations, including Nizamabad, Kurnool City, Malkapet, Yakatpura, Huppuguda, and Shri Balabramreshwar Jogulamba, under the “Amrit Bharat Station Scheme” (ABSS).
The objective is to enhance passenger amenities at these locations. The execution of this order is expected to be completed within 12 months. In a statement, MI Electronics clarified that this contract doesn’t fall under any related party transactions.
Performance-wise, MI Electronics has witnessed a robust 40% uptick in its stock price over the last month alone. Furthermore, it has delivered a staggering return of 235% in the past six months. Year-to-date, the company’s stock has surged by 212%. Over the past year, investors have enjoyed a remarkable 245% profit.
In summary, MI Electronics has consistently showcased its potential and capability, positioning itself as a noteworthy stock in the market.
