MIC Electronics Limited saw a 2% surge in its stock price after announcing that it had secured a significant order worth INR 1.33 crore from the Salem Division of Southern Railway.
The order is for providing telecom-based passenger amenities and is expected to be completed within six months from the date of acceptance.
The work order, obtained through a tender process, is a domestic deal with no involvement from the company’s promoters or related parties.
As of 12:20 pm, MIC Electronics’ shares were trading 1.61% higher at ₹81.95, reflecting the positive response from investors to this development.
Additional details through company exchange filing –
| Additional Details | |
|---|---|
| a. Name of the Entity awarding the Orders | Salem Division of the Southern Railway Zone |
| b. Significant Terms and Conditions | Terms and Conditions will be finalized at the time of execution |
| c. Whether order have been awarded by Domestic or International entity | Domestic Entity |
| d. Nature of Orders | Direct order, participated through Tenders |
| e. Whether domestic or international | Domestic |
| f. Time period by which the orders are to be executed | 6 Months from the date of issue of Letter of Acceptance |
| g. Broad consideration or size of the Order | Rs. 1,33,08,976.53/- |
| h. Whether the promoter/promoter group companies have any interest in the entity that awarded the order; if yes, nature of interest and details thereof | No, none of the promoter/ promoter group / group companies have any interest in the entity that awarded the order. |
| i. Whether the order would fall within related party transactions? If yes, whether the same is done at “arm’s length” | No, the order(s) would not fall within related party transactions. |
| j. Date & Time of occurrence of the Order | 09th September, 2024 at 02:22 PM |
