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Cyient stock surges: Shares of IT major Cyient rallied up to 3.76 per cent to hit an intraday high of Rs 2,031.40 per share on Monday, August 26, 2024.
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.
In an exchange filing, Cyient said, “This is to inform you that “Cyient Semiconductors Private Limited” has been incorporated as a wholly owned subsidiary of the Company, under the provisions of Companies Act, 2013.”
This, along with the Federal Reserve Chair's indication of potential interest rate cuts in September, fuelled the stock rally on Monday.
"The time has come for policy adjustments," Powell stated, noting that the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.
The Fed also said that Inflation has decreased significantly. The labour market is no longer overheated, and conditions are now less tight compared to the pre-pandemic period.
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Cyient Q1FY25 show
Cyient Group witnessed soft Q1FY25 results, with Group quarterly revenue at $200.9 million, degrowth of 1.5 per cent Y-o-Y in constant currency, the company said in a statement.
Cyient’s Digital, Engineering and Technology (DET) business delivered revenue at $169.6 million, degrowth of 5 per cent Q-o-Q and degrowth of 3.6 per cent Y-o-Y in constant currency. DET earnings before interest, taxes (Ebit) margin stood at 13.5 per cent, declined by 260 bps Y-o-Y.
Cyient, formerly Infotech Enterprises Limited, is a multinational technology company that is focused on engineering, manufacturing, data analytics, and networks and operations. Infotech Enterprises Ltd. was established in 1991 in Hyderabad
The market capitalisation of Cyient is Rs 21,932.18 crore, according to Bombay Stock Exchange (BSE). The 52-week high of the stock is Rs 2,457 while its 52-week low is Rs 1,542 per share.
At 10:04 AM, shares of Cyient were trading 1 per cent higher at Rs 1,977.20 per share. In comparison, BSE Sensex was trading 0.64 per cent higher at 81,607.53 levels.
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