MIC Electronics zooms 10% on developing EV battery charger

The company says the charger will be launched shortly and commercial operations will begin in March

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Shares of MIC Electronics surged 10 percent in the afternoon trade on February 15 after the company announced that it ha developed a 42V/3A electric vehicle (EV) battery charger for e-cycles and two-wheelers.

The company said the charger will be launched shortly and commercial operations will begin in March.

At 12.53 pm, MIC Electronics was trading at Rs 42 on the NSE. The announcement also led to a spike in volumes in the counter, as 15 lakh shares had changed hands, significantly higher than the one-month daily traded average of 7 lakh shares.

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The company is also developing high-power rating chargers for e-cycles and two-wheelers.

The company recently released its quarterly results. It posted a net profit of Rs 2.71 crore in the December quarter against a net loss of Rs 96 lakh in the year-ago period.

The company’s sales rose manifolds on year to Rs 17.5 crore in Q3, up from Rs 1.24 crore in the base period.

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