As per the unaudited results adopted by the board on Thursday, CMC posted a turnover of Rs 148.63 crore, up from Rs 126 crore.

CMC has set itself a turnover target of Rs 750 crore by 2002. CMC has sought government permission to enhance its equity base, chairman and managing director SS Ghosh said.

The proposal has been pending with the department of electronics (DoE) for three months as the permission for enhancement would mean a dilution in the government's stake. This was also one of the main recommendations of I-Sec which had given a survey report on the company about a year back.

If the cabinet permission comes through, FIs would again be the most likely buyers. The company would also consider raising the money by way of a rights issue and long-term institutional borrowings, subject togovernment clearance.

Provision for depreciation was higher at Rs 3.32 crore in April-September this fiscal as against Rs 3.15 crore in the same period last fiscal.

Ghosh said CMC planned to concentrate much more on international operations this year in view of the depressed domestic economic scenario.

The company expects its revenue from international operations to go up from Rs 55 crore last fiscal to Rs 74 crore this year.