Stocks of security system provider Zicom Electronic Security Systems rallied over 13 per cent on Friday after the company announced to dispose off its electronic security system business.

Stocks of the company, which closed at Rs. 127.80 per share on BSE, also rose to a new 52-week high of Rs. 134 during the day's trade. Over 1.5 million stocks of the company changed hands on the day amounting to a total value of Rs. 35.77 crore.

Earlier Zicom announced that it has entered into an agreement with energy management firm Schneider Electric India to sell its electronic security system for a consideration of Rs. 224.75 crore.

Giving a hint about utilization of the money to be realized, Zicom Chairman Manohar Bidaye said in a statement that the security industry, particularly the integration segment, has gone through a major change after the 9/11 attack and now it needs high level of Integrated Intelligent Building Management technology and knowledge. For the same the company would need to make invest big in future.

Zicom has posted a growth of 17 per cent in its net profit for the first nine months of the current fiscal.