The stock has gained over 42% over the past week due to the impact of the GST rate cut
Shares of MIC Electronics rose as much as 4.37% to ₹73.96 on Wednesday, after the company signed an MoU (Memorandum of Understanding) with Singapore-based Top2 to explore, identify, and finalize a semiconductor partner from Taiwan.
The objective is to initiate semiconductor wafer production with a monthly target capacity of 25,000 to 30,000 wafers.
GST Boost
MIC Electronics shares have surged around 42% over the past week, driven by the GST Council’s decision to slash rates on key electronics. GST on air conditioners and televisions has been revised from 28% to 18%. This rate reduction is expected to drive demand across categories and lead to improved revenues and profitability for companies from the electronics space.
Stock Watch
MIC Electronics is the top trending stock on Stocktwits. Retail chatter on the platform has been ‘extremely high’ while sentiment had turned ‘bullish’ a week ago, from ‘neutral.’
The company, which makes LED video, graphics, text displays, LED lighting solutions for multiple industries, embedded systems, telecom software, and communication and electronic products, is likely to benefit from the GST tax reduction in essential consumer goods.
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