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NEW DELHI: New product launches made MIRC Electronics come alive as the stock gained 3 per cent on Wednesday.
The company said its brand Onida has launched 20 new washing machine models and is targeting Rs 160 crore from the segment sale in the ongoing year.
The demand for washing machines goes up mainly during the monsoon season.
There is a greater need among urban, metro and rural consumers to upgrade their machines during this period.
Onida looks to grow in this category by 80 per cent during the current year.
The stock rose 2.66 per cent to hit a high of Rs 30.90 on the BSE.
Wednesday's rise took the scrip's five-day gains to 12 per cent.
This year has not been good for the scrip, which has lost 46.07 per cent during the period against the consumer durables sector's 6.94 per cent decline during the same period.
Onida has in its focus semi-urban and rural segments.
The company has a fully-integrated washing machine plant in Roorkee.
"Our washing machines segment has started growing at good rates for the last two years.
Our focus in this segment has increased and we will do sizeable business in the next three years," said Vijay Mansukhani, MD at MIRC Electronics.
