CMI FPE strengthens after bagging order

CMI FPE rose 2.88% to Rs 999 at 14:20 IST on BSE after the company announced that it will supply cold rolling mill and processing lines for PHP Group's new cold rolling complex.

The announcement was made during market hours today, 10 October 2017.

Meanwhile, the S&P BSE Sensex was up 92.04 points or 0.29% at 31,938.93. The BSE Small-Cap index was up 130.07 points, or 0.78% to 16,863.10.

On the BSE, 1,228 shares were traded in the counter so far as against average daily volume of 1,348 shares in the past one quarter. The stock had hit a high of Rs 1,000 in intraday trade, which is also its 52-week high. The stock had hit a low of Rs 927.65 so far during the day. The stock had hit a 52-week low of Rs 354 on 22 November 2016.

CMI FPE said that PHP Group, one of the biggest manufacturers of cold rolled steel products in Bangladesh ordered a high capacity push pull picking line, a full automated 6-hi cold rolling mill, a state of the art continuous galvanizing line, as well as two finishing lines from the Indian affiliate of CMI industry for its cold rolling mill complex in Feni, Bangladesh. The new plant is expected to go into operation in mid-2019.

CMI FPE reported net profit of Rs 0.19 crore in Q1 June 2017 compared with net loss of Rs 6.58 crore in Q1 June 2016. Revenue jumped 119.22% to Rs 55.75 crore in Q1 June 2017 over Q1 June 2016.

CMI FPE (formerly known as Flat Product Equipments (India)) was incorporated in 1986. The company, over the last 28 years, has acquired a global leadership position in the design, manufacture, erection and commissioning of cold rolling mill complexes, processing lines, chemical equipment, industrial furnaces and auxiliary equipments for the world wide steel industry.

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