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CMC vaults 13% in 2 days on strong Q1 earnings

Capital Market/ 11:24 , Jul 13, 2012

CMC rose 1.56% to Rs 976.80 at 11:23 IST on BSE, with the stock extending Thursday's 11.33% rally triggered by the company reporting strong Q1 June 2012 earnings.

Meanwhile, the BSE Sensex was up 69.41 points or 0.4% to 17,301.96.

On BSE, 93,000 shares were traded in the counter as against average daily volume of 9,112 shares in the past one quarter.

The stock hit a high of Rs 999 and a low of Rs 965.25 so far during the day. The stock had hit a 52-week high of Rs 1,200 on 15 July 2011. The stock had hit a 52-week low of Rs 685 on 18 May 2012.

The stock had outperformed the market over the past one month till 12 July 2012, surging 11.81% compared with the Sensex's 2.19% rise. The scrip had, however, underperformed the market in past one quarter, falling 1.28% as against Sensex's 0.58% fall.

The company has an equity capital of Rs 30.30 crore. Face value per share is Rs 10.

The CMC stock has rallied 13.07% in two trading sessions from Rs 863.85 on Wednesday, 11 July 2012, after the company after market hours on 11 July 2012 reported strong Q1 June 2012 earnings. The stock had jumped 11.33% to settle at Rs 961.75 on Thursday, 12 July 2012.

CMC's consolidated net profit jumped 68% to Rs 58.43 crore on 48% growth in revenue to Rs 452.28 crore in Q1 June 2012 over Q1 June 2011. Consolidated net profit jumped 36% to Rs 58.43 crore on 11% growth in revenue to Rs 452.28 crore in Q1 June 2012 over Q4 March 2012.

CMC is a leading system engineering and integration company in India and is a subsidiary of Tata Consultancy Services (TCS). The company operates out of 18 offices and 180 service locations in India. It has a wholly-owned subsidiary in US, CMC Americas Inc.

 



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