CMC shares hit record high on robust Q3 earnings

CMC shares hit record high on robust Q3 earnings Mumbai: Shares of IT solutions provider CMC Monday soared by nearly 9 percent to touch a record high, after the company reported 47.59 percent increase in consolidated net profit for the quarter ended December 31.

After making a robust opening, shares of the company further jumped 8.39 percent to Rs 1,446.90 -- its record high level on the BSE -- in an overall strong stock market.

At NSE, the stock zoomed 8.91 percent to its all-time high of Rs 1,450.

CMC on Friday reported 47.59 percent increase in consolidated net profit at Rs 61.06 crore for the quarter ended December 31, 2012, driven by all-round growth across sectors and geographies.

The Tata group firm had posted a net profit of Rs 41.37 crore during the same period last financial year.

Total income from operations for the company rose 24.43 percent at Rs 492.97 crore the second quarter of 2012-13 compared to Rs 396.17 crore in the same period last year.

Set up in 1975, CMC is a subsidiary of country's largest software services company Tata Consultancy Service (TCS).

The BSE benchmark Sensex was trading at 19,823.93, up 160.29 points at 1055 hrs.

PTI