CMI firms up after securing L1 status for Indian Railways order

CMI rose 3.83% to Rs 181.85 at 14:38 IST on BSE after the company said it secured L1 position for supplying Cadmium Catenary Wire to Indian Railways.

The announcement was made during trading hours today, 1 January 2019.

Meanwhile, the S&P BSE Sensex was up 52.30 points, or 0.15% to 36,120.63.

On the BSE, 38,000 shares were traded in the counter so far compared with average daily volumes of 27,000 shares in the past two weeks. The stock had hit a high of Rs 184.95 and a low of Rs 177.85 so far during the day. The stock hit a 52-week high of Rs 371.60 on 27 April 2018. The stock hit a 52-week low of Rs 115.50 on 11 October 2018.

CMI secured L1 (lowest bidder) position for supply of Cadmium Catenary Wire to East Coast Indian Railways for a value of Rs 106.64 crore. The tender was decided through a reverse auction process.

On a consolidated basis, net profit of CMI rose 4.23% to Rs 6.40 crore on 9.61% rise in net sales to Rs 147.23 crore in Q2 September 2018 over Q2 September 2017.

CMI is of one of the leading companies in the manufacturing of various types of cables that meet requirements of a wide spectrum of clients like railways and metros, power generation, distribution and transmission, industrial, telecom, building construction & infra etc.

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