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CMC stock jumps nearly 10% on Q4 nos
April, 19th 2011

IT solutions provider CMC today rose nearly 10% in morning trade on BSE after the company reported 25.26% growth in net profit for the fiscal ended March 31.

After making a strong opening, the scrip zoomed by 9.89% to Rs 2,284.95 a piece on Bombay Stock Exchange (BSE). In a similar fashion, the scrip surged by 7.08% to Rs 2,233 on National Stock Exchange.

CMC had yesterday reported 0.76% decline in its consolidated net profit at Rs 43.96 crore for January-March quarter.

However, the company has posted annual net profit of Rs 179.40 crore, which is 25.26% more than the net profit in the previous fiscal. The board of directors has proposed a dividend of Rs 20 per equity share on the face value of Rs 10 each.

They also proposed to issue bonus shares in the ratio of one equity share for each equity share.

Meanwhile, the BSE barometer index Sensex was trading at 18,993.78, down by 97.39 points at 1023 hrs.

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