New Delhi, June 13 -- Kernex Microsystems share price hit 5% upper circuit on Friday despite a sharp fall in the Indian stock market today. Kernex Microsystems shares were locked at 5% upper circuit of Rs.1,300.75 apiece on the BSE.

The rally in Kernex Microsystems India shares comes after the railway company announced that Southern Railways has issued letters of acceptance to its Joint Venture for two projects.

In a regulatory filing on June 13, Kernex Microsystems India said that the Southern Railways, Chennai has issued a Letters of Acceptances (LOA) to Kernex-VRRC consortium for two projects amounting to Rs.311.03 crore.

The first LoA is for the provision of Kavach (Train Collision Avoidance System), in three sections of Chennai Di...