Stocks

CMC stocks gain on Q4 results

PTI Mumbai | Updated on April 19, 2011 Published on April 19, 2011

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

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

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

However, the company has posted an annual net profit of Rs 179.40 crore, which is 25.26 per cent more than the net profit in the previous fiscal. The board of directors has proposed a dividend of Rs 20/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.

Published on April 19, 2011
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