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Shares of Tata Group firm CMC shot up about 11 per cent today after the company posted a 67.5 per cent rise in net profit for the quarter ended June 30, 2012.
Defying a weak broader market, the scrip opened the day on a robust note and as the trade progressed, it shot up 10.78 per cent to Rs 957.65 on the NSE. Similarly, on the BSE, the stock surged 9.94 per cent to Rs 949.80.
CMC had yesterday posted a 67.5 per cent rise in net profit at Rs 58.43 crore for the quarter ended June 30, 2012 on the back of strong growth in domestic and international markets and higher revenues from SEZ operations.
The IT company’s net profit for the April-June 2011 quarter stood at Rs 34.88 crore.
CMC also recorded its highest-ever quarterly revenue at Rs 452.28 crore, up 48 per cent.
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