Wednesday March 27, 12:30 PM
CMC in demand... |
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By Equitymaster.com
The markets are trading in a narrow range. Private banking and media stocks are in limelight. Infosys, Satyam, HPCL, BPCL and Reliance (RELI.BO, news) are trading actively in the derivatives markets. Old economy stocks are up selectively, Telco being the prominent gainer.
The BSE Sensex is at 3,479 (up 13 points) and the NSE Nifty is at 1,127 (up 4 points). The rupee is trading at Rs 48.78 per US dollar.
CMC is up by 18%. The company expects profit margins to double to 20% in FY03 on the back of new projects, which it has received recently. The company also expects sales to rise 25-30% as CMC leverages the global reach of TCS. Since January, CMC has won five contracts, including one in partnership with TCS, worth US$ 32 m, which will boost its performance in the next financial year.
MTNL (MTNL.BO, news) has crossed the 100,000-subscriber mark for its cellular services in the Mumbai circle. This includes both the post-paid service Dolphin and the pre-paid service Trump. Dolphin has accounted for a little over 89,000 subscribers and Trump has close to 12,000 subscribers to date. MTNL's stock is down marginally.
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