Shares of Cyient Limited started its trading session today at Rs 1,308.35 and currently trades at Rs 1,368. The scrip witnessed an intra-day high of Rs 1,408.80 indicating a gain of around 8.5 percent as compared to the previous closing levels of Rs 1,297.90.
In the last six months, the stock has gained a considerable amount of about 60 percent ranging from Rs 862.10 to the current price levels. The Cyient Limited company has a market capitalization of Rs 15,122 crores.
One of the prime causes for the stock prices to surge today is the recent corporate announcement made by the company yesterday.
The announcement was made through a regulatory filing over the BSE which mentioned about the company’s Board of Directors recommending a Final dividend of Rs 16 per equity share, equating to 320 percent of its Face Value of Rs 5. Payment of the same is subject to shareholder approval. The Record Date is fixed to be 12th June 2023.
The latest financial reports for FY22-23 exhibit an operating revenue of Rs 6,016 crores as compared to Rs 4,534 crores in the previous financial year.
Moreover, the company’s net profits were reported at Rs 514 crores during FY22-23 and Rs 522 crores in FY21-22.
Cyient Limited is engaged in the business of providing a variety of Information Technology (IT), as well as Engineering services. The industries served by the company are energy & utilities, communications, medical & healthcare, etc.
The majority of the revenue generated comes from the ‘American’ segment.
According to the latest shareholding data available for the March 2023 quarter, Promoters of the company hold a 23.36 percent stake, and Foreign Institutional Investors (FIIs) hold a 32.61 percent stake in the company.
Written by Amit Madnani
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