Watch out MIC Electronics in Aug 8 trade

MIC Electronics could be the stock to watch out for in Aug 8 trade. Company on Aug 6 has declared its Q1FY17 results. In Q1, the top line has increased by 31 per cent as compared to Q1FY16, and stand at Rs 62.16 crores. However, the bottom line has decreased by 45 per cent as compared to corresponding quarter of the previous fiscal. Net profits stand at Rs 4.15 crores in Q1FY17.

On the other hand, the company has informed BSE that State Bank of India has mutually agreed for a one-time settlement of working capital loan as per the settlement letter dated August 03, 2016. The bank has agreed to waive the total outstanding interest of Rs. 22.46 crores: As a result, the total outstanding due of the company towards this loan has reduced to Rs. 57.43 crores.

The shares opened at Rs 14.55, up by 4 per cent. Shares' 52-week High/Low stands at Rs 28/13. Shares in the last 1 month have seen a downward trend and have plunged by 4 per cent. However, the scrips have seen some positive movement in the last 2 trading days.The company designs, develops and manufactures LED video displays, high-end electronic and telecommunication equipment and is into the development of telecom software. MICs flagship products are LED Video Displays (indoor / outdoor / mobile), that have become an integral part of sports stadiums, transportation hubs, digital theaters and theme parks, advertisements and public information displays.