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CMC net zooms to Rs 11.41 cr in second quarter

Our Bureau

NEW DELHI, Oct. 29

CMC LTD today announced a 253 per cent surge in its net profit for the quarter ended September, 2001 at Rs 11.41 crore over Rs 3.23 crore in the corresponding quarter last year.

Total income of the company, currently under Tata Sons Ltd, for the period stood at Rs 138.84 crore as against Rs 134.52 crore in the same quarter last year, CMC said in its notice to BSE. Earning per share stood at Rs 7.53.

Tata Sons had acquired 51 per cent equity in CMC on October 16 from the Union Government for a consideration of Rs 152 crore. Subsequent to the acquisition of the Government's stake in the company, an open offer is currently on for acquiring the 16.69 pe r cent stake now held by the public.

Tata Sons is making the open offer for CMC at Rs 281.26 per share.

The board of directors of CMC Ltd has also been reconstructed post-divestment. Mr S. Ramadorai, CEO of Tata Consultancy Services (TCS) has replaced Mr S.S. Ghosh as the Chairman of the company. Mr Ghosh continues to be the Managing Director.

The new board has 10 members with four representing Tata Sons and two the Government. The four others are independent directors.