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MIC Electronics zooms 50% in 3 days: What's driving the rally
MIC Electronics' stock has shot up almost 50% over the last three trading sessions, with today's trading session alone seeing a 19% spike to an intraday high of ₹77.9 on the NSE.
Trading was buzzing, with 3.35 crore shares exchanged until noon and a turnover of ₹254.27 crore, pushing the company's market value to about ₹1,856 crore.
GST Council's recent tax rate adjustments
This rally lines up with the GST Council's recent move to remove the 12% and 28% rates, leaving 5% and 18%, which could have lifted investor mood for companies like MIC Electronics that make LED displays and lighting products.
Founded back in 1988, MIC has caught extra attention lately as these tax tweaks could mean smoother business ahead.