Cyient Limited

The acquisition is part of the company's strategic expansion of its semiconductor business. In July last year, the company announced the establishment of a fully owned subsidiary

The rise in the Cyient share price came after the company announced that it has incorporated Cyient Semiconductors Private Limited as a wholly owned subsidiary of the company.

At 09:15 am, as many as 11.87 million equity shares, representing 14.96 per cent of total equity of Cyient DLM, changed hands on the BSE

The uptick in stock price came after the company announced the strategic expansion of its semiconductor business with the establishment of a fully owned subsidiary

The company's digital, engineering and technology segment accounted for 80% of its overall revenue

The Hyderabad-headquartered company's consolidated net profit dropped 2% to 1.53 billion rupees ($18.42 million) for the quarter ended Dec. 31

IT engineering cos provide product engineering services in auto, aerospace, medical device, and utility sectors. On the other hand, software engineering firms are mostly engaged in software products

The revenue from operations for Q2FY24 came in at Rs 1778.5 crore, compared to Rs 1396.2 crore year-on-year

Among individual stocks, Morgan Stanley has maintained their overweight rating on HCLT, LTIMindtree and Infosys within the large-caps.

Cyient DLM's key clients include Honeywell International, ABB, and Bharat Electronics

Most of these offers are coming right now because their regulatory deadlines, to bring the IPOs, are about to lapse, cautioned analysts

The Initial Public Offer (IPO) of electronic manufacturing services firm Cyient DLM got subscribed 67.30 times on the last day of subscription on Friday amid an overwhelming interest from investors. The share sale got bids for 89,73,16,952 shares against 1,33,32,297 shares on offer, according to an update available with NSE. The quota for Qualified Institutional Buyers (QIBs) received 90.44 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 49.20 times. The portion for non-institutional investors got subscribed 45.05 times. The IPO had a fresh issue aggregating up to Rs 592 crore. There was no offer-for-sale (OFS) component. The company's IPO had a price band of Rs 250-265 a share. Cyient DLM had mobilised Rs 260 crore from anchor investors. Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as general corpo

The recent stock run-up largely captures growth momentum; expensive valuation limits upside, analysts at ICICI Securities said.

Overall, from a macro standpoint, the business outlook remained strong with no material impact on the BUs, except for few sub-segments, analysts said.

Shares of Cyient on Wednesday jumped 5 per cent in the mid-session trade after the IT company rejigged its top management. The stock of the firm zoomed 5.07 per cent in the mid-session trade at Rs 1,045 apiece on the BSE. During the intra-day trade, the stock touched its 52-week high of Rs 1,049.80 per share. On the NSE, it climbed 4.97 per cent to Rs 1,044.15 per piece. In the mid-session trade, the 30-share BSE Sensex is trading 522.92 points or 0.88 per cent higher at 59,626.22 points. On Monday, IT company Cyient said that it has rejigged top management roles with the elevation of its managing director and CEO Krishna Bodanapu to the position of executive vice-chairman and MD.

Last month, electronic Manufacturing Services (EMS) firm Cyient DLM, a subsidiary of Cyinet, filed preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an IPO.

The company's design-manufacturing business Cyient DLM reported a 10.3% increase in revenue

Electronic Manufacturing Services (EMS) firm Cyient DLM Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an Initial Public Offering (IPO). The initial share-sale is purely a fresh issue of equity share with no Offer-For-Sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP). The company may consider issuance of securities aggregating up to Rs 148 crore in a pre-IPO placement round. Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as for general corporate purposes. Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build and maintenance. It has three state manufacturing facilities in Hyderabad, Bengaluru and Mysore. The India EMS is a sizable industry, contributing to 2.2 pe

However, fears of an impending recession and declining profitability have together contributed in the change of mood for these IT services companies, along with their approach

Cyient also disappointed on the revenue front, with 8 per cent year-on-year (YoY) organic growth