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Last Updated : Mar 18, 2019 02:19 PM IST | Source: Moneycontrol.com

CMI rises 9% after co gets vendor approval from prestigious companies

Sameer Kalra, Equity Research Analyst & Founder Target Investing has maintained target of Rs 162-169 on the stock, with a stop loss at Rs 148-145.

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Share price of CMI rose 9 percent intraday Friday after company received vendor approval from prestigious companies.

The company has been included as vendor with few prestigious companies in the third quarter ending December 2018, as per BSE filing by the company.

It includes vendor approval for manufacturing and supply of XLPE/PVC power cable and PVC insulated control cable for Power Grid projects and received vendor approval for manufacturing of power cables, control cables, telephone cables and optical fibre cables from Airport Authority of India.

Other approval from Mazagaon Dock Shipbuilders for electrical Power cables and vendor approval for all type of cables from Jawahar lal Nehru Port trust.

Amit Jain, Chairman and Managing Director, CMI said, "Our focus on consistently increasing our clientele and new product development using advance research and development techniques have augmented well with our vision to become a leading player in the Cable Industry."

According to Sameer Kalra, Equity Research Analyst & Founder Target Investing, the company got vendor approval for providing power cables, optical fibre to companies like Power Grid, Airport Authority of India, JNPT which would help increase its capacity utilisation at Baddi Plant which will create operating leverage in financials.

He keeps the stop loss at Rs 148-145 with a target of Rs 162-169.

At 11:30 hrs CMI was quoting at Rs 159.60, up Rs 10.90, or 7.33 percent on the BSE.

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First Published on Mar 15, 2019 11:47 am
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