CMC drops 12.12% in two days after declaring Q3 results

CMC fell 2.03% to Rs 1,509.70 at 15:16 IST on BSE, with the stock extending Tuesday's slump triggered after the company reported results for Q3 December 2013.

Meanwhile, the S&P BSE Sensex was up 245.70 points, or 1.17%, to 21,278.58

On BSE, so far 93,211 shares were traded in the counter compared with average volume of 12,920 shares in the past one quarter.

The stock hit a high of Rs 1,570 and a low of Rs 1,470.10 so far during the day. The stock hit a record high of Rs 1,780 on 7 January 2014. The stock hit a 52-week low of Rs 1,106.80 on 5 August 2013.

The stock had outperformed the market over the past one month till 14 January 2014, advancing 17.19% compared with the Sensex's 1.53% rise. The scrip had also outperformed the market in past one quarter, rising 12.14% as against Sensex's 2.06% rise.

The mid-cap company has an equity capital of Rs 30.30 crore. Face value per share is Rs 10.

Shares of CMC dropped 12.12% in two trading days from a recent high of Rs 1,718.05 on 13 January 2014 after the company declared Q3 result after market hours on Monday, 13 January 2014. Shares of CMC had tumbled 10.34% to settle at Rs 1,540.40 on Tuesday, 14 January 2014.

CMC reported 4.79% rise in consolidated net profit to Rs 70.54 crore on 0.03% rise in net sales to Rs 560.93 crore in Q3 December 2013 over Q2 September 2013.

CMC is a pioneer Information Technology solutions provider in India and is a subsidiary of Tata Consultancy Services (TCS). Operating out of 18 offices and 180 service locations in the country, CMC employs over 10,000 people and has a wholly-owned subsidiary in USA called CMC Americas, Inc.

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