CMC dips on bleak second-quarter show

DALAL STREET SPIKES

The stock ended 6.48 per cent lower in Monday's trading at Rs 659.80, after hitting an intra-day low of Rs 651.25. The stock slipped from its intra-day high of Rs 725, post result announcement.

For the quarter ended September 2004, CMC's reported a 30.9 per cent decline in consolidated net profit at Rs 12.94 crore as against Rs 18.74 crore during the quarter ended June 2004.

Analysts said, the counter witnessed selling pressure after the company's quarterly number failed to impress, which were slightly below the street expectations. CMC is a subsidiary of TCS.

The company, on a year-on-year basis reported a net profit jump of 92.5 per cent, from Rs 6.72 crore to Rs 12.94 crore.

Market analysts said, though the IT sector stocks are in the limelight of late, the quarterly numbers will indicate the further trend among the IT sector stocks. The markets are awaiting the Infosys and TCS results which will be announced tomorrow.