Mirc Electronics hits upper circuit on Videocon stake buy buzz

Shares of Mirc Electronics, manufacturer of Onida brand of consumer durables, were locked at the 20% upper circuit of Rs 14.24 on Monday on speculation promoters are looking to sell their stake in the company to rival Videocon Industries.

But, both companies strongly denied the talk. When contacted, Gulu Mirchandani, CMD of Mirc, said, “These are just rumours planted by certain market operators to jack up the stock price.”

Venugopal Dhoot, CMD of Videocon, also denied any such move. Videocon shares ended at Rs 175.20, up 0.26%. Nearly 10 lakh Mirc shares changed hands on Monday on the BSE as against the two-week average volume of 38,000 shares.

(Contributed by Rajesh Mascarenhas & Kala Vijayraghav)