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CMI inches higher over 5%; eyes to expand to Nepal through Ircon

Shares of CMI Ltd., manufacturer & marketer of cables and electricals are surging higher on BSE, in the early hours of trade as the company is eyeing to expand its network in Nepal through Ircon, after supplying cables for the railways in Iran & Bangladesh.

Amit Jain, managing director, CMI Cables informed –“ Ircon has bagged a turnkey project for a railway network in Nepal. For supply of cables, we have emerged as the lowest bidder, and are likely to get the award,” but the value of the potential demand is not disclosed.

He also informed that for Engineers India Ltd., the company has developed cables to ensure fire safety, wherein, the circuit integrity is maintained for 90 minutes at high temperature of 950 degree celsius.

The total traded quantity stands at Rs 0.14 lakh with market capitalisation of Rs 325.10 crore, as on today’s trading session.

Stock view:

CMI Ltd is currently trading at Rs 217.15, up by Rs 8.4 or 4.02% from its previous closing of Rs 208.75 on the BSE.

The scrip opened at Rs 210 and has touched a high and low of Rs 220.15 and Rs 209.3 respectively. So far 74752(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 313.7 crore.

The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 260 on 03-Jun-2016 and a 52 week low of Rs 118.1 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 225.05 and Rs 204 respectively.

The promoters holding in the company stood at 42.59 % while Institutions and Non-Institutions held 10.61 % and 46.8 % respectively.

The stock is currently trading above its 50 DMA.