CMC rose 1.53% to Rs 1548 at 10:25 IST on BSE after consolidated net profit rose 26.78% to Rs 89.43 crore on 11.10% increase in total income from operations to Rs 623.21 in Q4 March 2014 over Q3 December 2013.
The company announced the result on Monday, 14 April 2014. The stock market was shut on Monday, 14 April 2014, on account of Dr. Baba Saheb Ambedkar Jayanti.
Meanwhile, the BSE Sensex was down 151.47 points, or 0.67%, to 22,477.49.
On BSE, so far 13,000 shares were traded in the counter, compared with an average volume of 14,646 shares in the past one quarter.
The stock hit a high of Rs 1,600 and a low of Rs 1,534.30 so far during the day. The stock hit a record high of Rs 1,780 on 7 January 2014. The stock hit a 52-week low of Rs 1,106.80 on 5 August 2013.
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The stock had outperformed the market over the past one month till 11 April 2014, rising 4.10% compared with the Sensex's 3.68% rise. The scrip had, however, underperformed the market in past one quarter, falling 10.73% as against Sensex's 9.01% rise.
The mid-cap company has an equity capital of Rs 30.30 crore. Face value per share is Rs 10.
On a consolidated basis, net profit rose 21.80% to Rs 280.41 crore on 15.83% increase in total income from operations to Rs 2230.92 in the year ended March 2014 over the year ended March 2014.
The company said that it received a favorable decision in a legal case with a customer during Q4 March 2014, which resulted in increase in operating revenue by Rs 19 crore and increase in profit after tax by Rs 25 crore.
The company said it added 64 clients during the year.
"We continue to see good traction and client addition across geographies. Having crossed milestones of Rs 600 crore in quarterly revenue and Rs 100 crore in quarterly operating profits (EBITDA), we are looking at future with increased confidence," R Ramanan, CEO and MD. The company's software solutions found increased acceptance in new grographies, particularly Middle East, Africa and APAC, he added.
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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