CMI Ltd Faces Financial Struggles Amid Broader Market Resilience and Volatility
CMI Ltd, a microcap player in the electrical cables industry, has experienced significant volatility, hitting a new 52-week low of Rs. 3.33 today. This decline is part of a broader trend, with the stock down 34.73% over the past year, contrasting sharply with the Sensex's positive performance of 9.28% during the same period. Despite today's performance, where CMI outperformed its sector by 1.8%, the stock has shown erratic trading patterns, failing to trade on four occasions in the last 20 days. Additionally, CMI is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
The company's financial health raises concerns, as it has not reported results in the last six months. The latest figures from December 2022 show a significant decline in net sales, down 80.12%, and a negative profit after tax of Rs. -29.75 crore. This consistent underperformance against benchmarks over the last three years highlights the challenges CMI faces in regaining market confidence.
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