HomeMarketsIndian MarketsCyient shares climb 10% to hit record high, breach Rs 1,500 level...

Cyient shares climb 10% to hit record high, breach Rs 1,500 level for 1st time ever. Here’s why

In trading on Friday, shares of Cyient reached a new all-time high after gaining 10%, bringing the company’s winning streak to a third day despite the large number of trades. Ever since the firm decided when the record date would be for the last payout, the stock has been going up. In addition to that, there has been hope about the commercial possibilities of the IT company. In the fourth quarter, analysts observed that Cyient greatly outperformed its competitors in the tier 2 IT pack by generating a 6.6% constant currency sales rise. When Cyient announced its quarterly results in April, the company also provided some upbeat outlook, stating that it anticipates the year-over-year increase in consolidated service revenue for FY24 to be in the region of 15-20 percent when measured in terms of constant currency (CC).

On a year-over-year basis, Cyient anticipated a 100–200 basis point improvement in the consolidated services normalised EBIT margin for FY24. In the last month, the scrip has increased in value by 28%, and it has increased in value by 83% so far this year.

On Friday, the share price increased by 9.92%, reaching a new all-time high of Rs 1,507.70 on the BSE. The price of the stock has gone up for three days in a row before today.

The information technology corporation just recently decided that June 12 will be the cut-off date for the purposes of final dividends and electronic voting in connection with the annual general meeting of the company that will take place on June 21.

“It is further informed that the board of directors of the company have recommended a final dividend of Rs 16 per equity share (320 per cent) on par value of ₹ 5.00 per share for the financial year ended 31 March 2023 to those members as on record date (12 June 2023) subject to the approval of members at the ensuing Annual General Meeting of the company. The dividend will be paid within 30 days from the date of AGM,” Cyient said.

The information technology company recorded a net profit increase of 5.83 percent year over year for the March quarter, with the amount coming in at Rs 163.20 crore compared to Rs 154.20 crore in the same period the previous year. The information technology company said that its normalised profit for the quarter came in at Rs 176 crore, an increase of 8.2 percent year over year. Revenue for the period was Rs 1,751.40 crore. This was in comparison to the sales of Rs 1,181.20 crore that it had registered in the same quarter the previous year. According to the analysts, the company’s sales and margins significantly exceeded expectations.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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