Multibagger IT stock engaged in the business of providing global technology services and solutions jumped 3 percent in the day’s trade upon announcing a strategic partnership with Deutsche Aircraft.
With a market capitalization of Rs. 22,072 Crores, the shares of Cyient Limited were trading at Rs. 1,990.40, up 2.56 percent from its previous day’s close price of Rs. 1,940.80. It has delivered multibagger returns of 102 percent in a year.
Cyient Limited has signed a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer (OEM), where both companies will collaborate on the detailed design for manufacturing (DFM) of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft.
Following the strategic collaboration Karthikeyan Natarajan, Executive Director and CEO of Cyient said “We are excited about our collaboration with Deutsche Aircraft to support the development of the D328eco aircraft. This partnership underscores Cyient’s commitment to delivering innovative engineering solutions in the aerospace sector
Our aircraft design and development life cycle expertise will play a crucial role in developing the D328eco. Together, we look forward to driving advancements in aviation technology and contributing to the success of this transformative project”
Maximilian Fahr, Vice President of Supply Chain at Deutsche Aircraft expressed, “This agreement represents a strong commitment to India. This new partnership with Cyient will enable Deutsche Aircraft to work with the best in the field and further enhance the development of the D328eco in a competitive setting.”
In Addition recently Cyient Limited signed a multiyear services agreement with Airbus for Cabin and Cargo Engineering, to develop a part of Airbus’s cabin ‘Intelligent Core Management Platform’ (iCMP).
Cyient Limited is engaged in the business of providing global technology services and solutions, specializing in geospatial, information technology solutions, engineering design, data analytics, and many more.
Its revenue from operations grew by 8.32 percent from Rs. 1,618 Crores in Q3FY23 to Rs. 1,821 Crores in Q3FY24 accompanied by profits of Rs. 156 Crores to Rs. 153 Crores.
Written by: Bharath K.S
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