CMC, a subsidiary of TCS, has rallied 7% to Rs 924 in otherwise weak market after reporting 68% year-on-year(y-o-y) rise in its consolidated net profit at Rs 58.43 crore for the first quarter ended June 2012, due to ramping up of SEZ business and an increase in the margins. Total operational income grew 48% at Rs 452 crore on y-o-y basis.
CMC’s earnings before interest tax, depreciation and amortisation or EBITDA margin improved to 16.64% compared to 14.45% in the trailing quarter.
The stock opened at Rs 874 and hit a high of Rs 958 on the National Stock Exchange. A combined around 30,000 shares have changed hands on the counter in opening deals on both the exchanges.