Cyient rose 2.56% to Rs 646.30 at 11:18 IST on BSE after the company said its board approved reduction of non-resident investment limits to 49% from existing 100%.
The announcement was made after market hours yesterday, 21 February 2018.Meanwhile, the S&P BSE Sensex was down 92.40 points, or 0.27% to 33,752.46.
On the BSE, 24,000 shares were traded in the counter so far compared with average daily volumes of 31,637 shares in the past one quarter. The stock had hit a high of Rs 652 and a low of Rs 632.85 so far during the day. The stock hit a record high of Rs 685 on 23 January 2018. The stock hit a 52-week low of Rs 435.05 on 3 March 2017.
The stock had outperformed the market over the past 30 days till 21 February 2018, falling 5.03% compared with 6.35% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.74% as against Sensex's 0.76% rise. The scrip had also outperformed the market in past one year, rising 32.97% as against Sensex's 17.25% rise.
The mid-cap company has equity capital of Rs 56.29 crore. Face value per share is Rs 5.
Cyient said its board approved reduction of aggregate investment limits of non-residents from the existing 100% to 49% of the paid up share capital of the company, subject to statutory approvals. The board also approved conducting postal ballot to obtain shareholder consent for the above.
Cyient's consolidated net profit fell 20.6% to Rs 87.10 crore on 1.85% growth in net sales to Rs 983.30 crore in Q3 December 2017 over Q2 September 2017.
Cyient provides engineering, manufacturing, geospatial, network, and operations management services to global industry leaders.
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