CMC drops after reporting weak Q1 results

CMC dropped 0.99% to Rs 2,005 at 9:25 IST on BSE after consolidated net profit fell 20.25% to Rs 56.28 crore on 0.93% rise in income from operations to Rs 672.24 crore in Q1 June 2015 over Q1 June 2014.

The result was announced after market hours yesterday, 7 July 2015.

Shares of TCS dropped 0.7% to Rs 2,602.20. CMC is a subsidiary of TCS.

Meanwhile, the S&P BSE Sensex was down 272.46 points or 0.97% at 27,899.23.

On BSE, so far 214 shares were traded in the counter as against average daily volume of 3,149 shares in the past one quarter.

The mid-cap IT services provider hit a high of Rs 2,025 and a low of Rs 1,992 so far during the day. The stock hit a record high of Rs 2,403 on 8 September 2014. The stock hit a 52-week low of Rs 1,809.55 on 20 October 2014.

A subsidiary of Tata Consultancy Services (TCS), one of the world's leading information technology consulting, services and business process outsourcing organization, CMC is a part of the $100 billion Tata Group, India's best known business conglomerate.

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