CMC fell 5% to Rs 1,880 at 10:33 IST on BSE after consolidated net profit fell 34.68% to Rs 58.42 crore on 4.91% decline in income from operations to Rs 592.63 crore in Q1 June 2014 over Q4 March 2014.
The result was announced after trading hours on Wednesday, 16 July 2014.
Meanwhile, the BSE Sensex was up 34.95 points, or 0.14%, to 25,584.67.
On BSE, so far 46,000 shares were traded in the counter, compared with an average volume of 5,786 shares in the past one quarter.
The stock hit a high of Rs 1,930 and a low of Rs 1,850 so far during the day. The stock hit a record high of Rs 2,114 on 8 July 2014. The stock hit a 52-week low of Rs 1,106.80 on 5 August 2013.
The stock had outperformed the market over the past one month till 16 July 2014, rising 13.30% compared with 1.43% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.10% as against Sensex's 14.69% rise.
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The mid-cap company has an equity capital of Rs 30.30 crore. Face value per share is Rs 10.
CMC has revised its estimated useful life of fixed assets, wherever appropriate, effective 1 April 2014 based on an evaluation. The carrying amount as on 1 April 2014 is depreciated over the revised remaining useful life. As a result of these changes, the depreciation charge for the quarter ended 30 June 2014 is higher by Rs 24.23 crore and the effect relating to the period prior to 1 April 2014 is Rs 18.82 crore (excluding deferred tax credit of Rs 6.39 crore), which has been shown as an 'exceptional item' in the unaudited financial results, CMC said in a statement.
CMC is a pioneer information technology solutions provider in India and is a subsidiary of Tata Consultancy Services, Asia's largest software company. Operating out of 18 offices and 180 service locations in the country, CMC employs over 11,000 people and has a wholly-owned subsidiary in USA called CMC Americas, Inc.
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