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CMC disappoints markets, share price touches52-week low
FE Investor Bureau
New Delhi: CMC Limited seems to have disappointed the stock markets, with its recent half-yearly financial results. Even as the IT sector has witnessed 80 to 100 per cent jump in revenues, the public sector company could manage a mere 12 per cent growth in revenues during the half year ending September 30, 2000. As a result, the stock prices plunged to their 52 week low of Rs 160, before closing at Rs 162.45 on October 24, the day the financial results were declared. The day had seen the markets improve by 32 points, lead by software scrips like Infosys and Satyam Computers.The net profits of the company during the first half of the current financial year stood at Rs 5.53 crore, increasing by 37 per cent over Rs 4.05 crore earned during the same period last year. The revenues touched Rs 199.63 crore, 12 per cent higher than Rs 177.96 crore during the half year ending September 1999. Mr S S Ghosh, chairman and managing director of the company was satisfied with the performance since the company was able to obtain prestegious projects from Indian and international companies. The company is working on networking order from a large bank for automation of its branch offices, setting up off-shore Design Automatio Centre and e-governance projects for State governments. It has implemented General Insurance Systems Application software for two general insurance companies. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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