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Drumbeat: Ad Buzzaar
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Saturday, July 25, 1998
CMC nosedives despite spurt in PAT
FE Investor Bureau
New Delhi, July 24: Despite a phenomenal growth of 300 per cent in net profit for QI of current fiscal, the CMC scrip succumbed to the sustained bear pressure on Friday at the Mumbai Stock Exchange. The scrip lost close to Rs 16 to end at Rs 182.60 on BSE. This translates into a loss of 8 per cent from its Thursday's close of Rs 198. The volatility margin came to the rescue of the scrip or else the fall could have been sharper. The fall at the counter came with a high volume of 47,000 shares.CMC's hammering commenced on Wednesday with the price falling to Rs 215 from its previous day's close of Rs 224.70. Since then, the scrip has lost Rs 42 in mere three trading sessions or 19 per cent. Earlier, the scrip had witnessed a sustained rise from a low of Rs 140.60 on July 3 as IT counters attracted a fresh wave of buying. Market sources also attribute the fall to profit booking, besides the negative sentiment in the market. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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