Cyient shares touch new 52-week high on Friday, up over 9%; Here’s why
Cyient share price touched a new 52-week high and gained over 9% on Friday’s trade after the company’s board set a record date for its most recent dividend payout. The stock has risen for three days in a row. Cyient shares opened at intraday low of ₹1,390, and touched an intraday high of ₹1,525.55 on BSE.
IT stock Cyient clocks 8% intraday high as Board fixes record date for 320%
Following its better-than-expected Q4FY23 earnings released on April 20, the stock has been on a bull run. The stock has gained 107.41% from 52-week low of ₹723.8 recorded on November 3, 2022.
Cyient has been in action in the last three months as well as in the calendar year 2023 (CY23), the stock price has zoomed about 83%. The stock increased 6% on April 24 to reach a lifetime high of ₹1,230.20 per share. The stock practically saw a one-way climb to reach the current market price of ₹1205.85, up more than 65% from its November low of ₹730.75 per share.
Cyient stock up 6% post Q4 result
The IT company reported a consolidated net profit for the March quarter at ₹163.20 crore, an increase of 5.83% year over year (YoY) and 4.48%. It reported healthy revenue from operations for the quarter of ₹1,751 crore, up from ₹1,181 crore in Q4 FY22.
Analysts noted that Cyient greatly outpaced its competitors in the tier 2 IT pack in the fourth quarter, generating a constant currency sales rise of 6.6%.
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, in the last management commentary they said thar they remain high confident in expecting stronger than expected growth across the industry verticals like energy, industrial, and plant engineering (EIP) segment in FY24e along with robust order book with large deal wins and expected double digit growth across its large verticals of transportation, connectivity and sustainability, it is guiding for consolidated services revenue growth of 15-20 per cent which is reflecting in the stock performance.
Technically stock looks now on an overbought zone with limited upside till 1520-1540. Hence, remain optimistic on the sector as well as the stock.
“This stock is in a strong uptrend where every small dip is getting bought into , today as well the stock is in strong momentum up more than 9% and 14% for the week , we maintain positive bias and recommend buying on dip, 1450 is immediate support 1650 is resistance,” added Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One.
Cyient declares 320% dividend, recorded 48% YoY revenue growth in Q4
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Download Finplay News App to get Daily Market Updates.
More
Less
Updated: 02 Jun 2023, 10:56 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.