Cyient rose 2.43% to Rs 597.75 at 14:00 IST on BSE after the company announced that it has entered into a non-exclusive business alliance with EA Technology, an energy technology company headquartered in Chester, UK.
The announcement was made during market hours today, 7 December 2017.Meanwhile, the S&P BSE Sensex was up 247.59 points, or 0.76% to 32,844.77. The S&P BSE Mid-Cap index was up 168.18 points, or 1.01% to 16,831.06, outperforming the Sensex.
On the BSE, 14,506 shares were traded in the counter so far, compared with average daily volumes of 71,531 shares in the past one quarter. The stock had hit a high of Rs 605.25 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 577.20 so far during the day. The stock had hit 52-week low of Rs 435.05 on 3 March 2017.
The stock had outperformed the market over the past one month till 6 December 2017, gaining 10.21% compared with 3.36% drop in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.02% as against Sensex's 2.95% rise. The scrip had, however, underperformed the market in past year, rising 17.3% as against Sensex's 23.51% rise.
The mid-cap company has equity capital of Rs 56.29 crore. Face value per share is Rs 5.
Cyient said that through this agreement, Cyient and EA Technology will jointly pursue business opportunities globally, by leveraging their complementary skills, technical capabilities and experience. The alliance will provide asset management and decision support solutions and services for electric utilities.
Under this agreement, Cyient will also provide project delivery and implementation services for EA Technology's Asset Investment Management (AIM) software solution.
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Cyient's consolidated net profit rose 28.9% to Rs 109.70 crore on 6.86% rise in net sales to Rs 965.40 crore in Q2 September 2017 over Q1 June 2017.
Cyient provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders with digital technology.
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