New Delhi: Amid the continued decline in the stock market on Thursday shares of MIC Electronics Ltd hit a 10% upper circuit. This is the second consecutive day the stock has hit an upper circuit. Previously the stock had also closed at the upper circuit on Wednesday. The company which has a market cap of ₹1032.25 crore is trading flat at ₹42.83 today. As of 10:25 am 130857 equity shares of the company were traded. This surge is driven by a significant development the company released last Wednesday. The company announced that it has received a major project from the Nava Raipur Atal Nagar Development Authority a subsidiary of the Chhattisgarh government. This Letter of Acceptance is for infrastructure work related to the Common Facility Center located in Sector 22 of Nava Raipur Atal Nagar. The project includes design engineering supply construction testing commissioning AMC and operation and maintenance. The total order value is approximately ₹114.10 crore. The company stated that terms and conditions will be determined at the time of the agreement and the project completion timeframe is 10 months. According to BSE Analytics the companys stock has gained 19.80% or nearly 20% in the past week while the stock has remained flat over the past month. The stock has fallen 17% over the past six months and 42% over the past year. The stock has gained more than 255 per cent in the last 3 years and more than 3829 per cent in the last 5 years. The company operates in the fields of LED video displays LED lighting railway signalling and telecom software and electronics. Its products and services are used in various sectors including sports transportation and advertising both domestically and internationally. The company is particularly known in India for providing Passenger Information System (PIS) for Indian Railways where it has a strong presence.