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CMC Ltd share price today (on 30 September 2023).
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BSE: 517326 | NSE: CMC | ISIN: INE314A01017 Market Cap: [Rs.Cr.] 2,936 | Face Value: [Rs.] 10 Industry: Computers - HardwareCMC Ltd is a leading IT solutions company and a subsidiary of Tata Consultancy Services Ltd. They are involved in the design, development and implementation of software technologies and applications. They are specialized in providing a broad range information technology solution to a diverse base of global as well as national clients. They also provide professional services for export and procurement, installation, commissioning, warranty & maintenance of imported and indigenous computer systems, education & training and networking services. CMC's business is organised into four strategic business units namely customer services, system integration, IT enabled services and education & training. The customers of the company include some of the biggest organisations in India. They are Reserve Bank of India, Indian Railways, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, Oil and Natural Gas Corporation Ltd, United Western Bank, Bank of India and Bank of Baroda.
CMC Ltd was incorporated on December 26, 1975, as Computer Maintenance Corporation Pvt Ltd. The Government of India holds 100% of the equity share capital. In August 19, 1977, the company was converted into a public limited company. In the year 1978, when IBM wound up their operations in India, CMC Ltd took over the maintenance of IBM installations at over 800 locations around India. In the year 1981, the company commenced their work on Project Interact, which is a UN funded project, which makes the way from a hardware maintenance company to a complete end-to-end IT solutions provider. This project involved design, development and systems engineering of real-time, computer-based systems dedicated to applications in the areas of power distribution, railway freight operations management, and meteorology. In the year 1982, the company set up a R&D facility to develop competencies in the frontier areas of technology.
In the year 1984, the company diversified their activities to turnkey projects, IT education and software development. To reflect their diversified business activities, the company was renamed as CMC Ltd on August 27, 1984. In the year 1991, the company acquired Baton Rougue International Inc, USA that was renamed as CMC America Inc in the year 2003. In the year 1992, the Indian Government divested 16.69% of the company equity to the General Insurance Corporation of India and their subsidiaries. In the year 2000, the company opened a branch office in London inorder to service and develops the clientele in the UK and Europe. The Government of India divested 51% of their issued and paid-up equity capital in favour of Tata Sons Ltd at a consideration of Rs. 152 crore on October 16, 2001 and thus, CMC Ltd became a part of the Tata group. Also, the status of the company has been changed from Government Company to a public limited company. In the year 2003, the company opened a branch office in Dubai to tap the hitherto unexplored markets of West Asia and Africa. In the year 2004, the Government divested their remaining 26.5% stake in CMC to the public.
In March 29, 2004, Tata Sons Ltd transferred their entire shareholding of 51.12% to Tata Consultancy Services Ltd, a subsidiary of Tata Sons Ltd. The company made a tie up with Xilinx to establish Xilinx' first development center in Hyderabad called Xilinx-CMC India Development Center. During the year 2006-07, the company set up a Software Technology Park (STP) at Kolkata, which is engaged primarily in executing new international contracts. The company inaugurated the phase I of the SEZ project, Synergy Park at their campus in Gachibowli, Hyderabad on February 11, 2008. The phase II is under construction and the project will be completed by the end of the year 2009.
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