CMI spurts after getting vendor approval from Govt entities

CMI rose 7.94% to Rs 160.50 at 10:16 IST on BSE after the company said that it received vendor approval for power cables from four government entities in Q3 December 2018.

The announcement was made after market hours yesterday, 14 March 2019.

Meanwhile, the S&P BSE Sensex was up 240.40 points, or 0.64% to 37,995.29.

On the BSE, 11,000 shares were traded in the counter so far compared with average daily volumes of 6519 shares in the past two weeks. The stock had hit a high of Rs 162.05 and a low of Rs 152.50 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 said it has been included as vendor with Power Grid Projects, Airport Authority of India, Mazagaon Dock Shipbuilders and Jawahar Lal Nehru Port trust in the 3rd quarter ended December 2018.

With the increased list of vendor approval, the manufacturing capacity of Baddi plant in Himachal Pradesh is going to improve considerably in the year 2019, CMI added.

On a consolidated basis, net profit of CMI declined 0.15% to Rs 6.83 crore on 30.81% rise in net sales to Rs 175.93 crore in Q3 December 2018 over Q3 December 2017.

CMI manufactures 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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