Shares of this recently listed stock under the ‘small-cap’ category jumped approximately 5 percent in Thursday’s trading session after the company inaugurated a new machining facility in Bangalore.
With a market capitalization of Rs 5,130.71 crores, the stocks of Cyient DLM Limited, associated with industrial products and listed in July 2023, started their trading session on Thursday at Rs 624.15 and closed at Rs 646.95, gaining around 5 percent as compared to the previous closing levels of Rs 615.05 apiece.
Such bullish behavior in the company’s stock price was witnessed after it published a regulatory filing with the Bombay Stock Exchange (BSE) intimating that the company has inaugurated a new machining facility in Bangalore.
Spread across 36,000 square feet of manufacturing area, the new facility is mainly designed to elevate the capacity by three times from the current level of 60,000 hours per annum to 180,000 hours per annum. In addition to the above, there will be an addition of twenty cutting-edge machines.
“The inauguration of this precision machining facility in Bengaluru marks a key milestone for Cyient DLM as this represents our commitment to driving growth and delivering differentiated value providing end-to-end services to our customers.”, commented Mr. Anthony Montalbano, Chief Executive Officer, Cyient DLM.
During the recent financial quarters, the company’s prime business indicators, viz, operating revenues as well as after-tax profits, moved up with the former increasing from Rs 217 crores during Q1FY23-24 to Rs 291 crores during Q2FY23-24, and, the latter, during the same time horizon, nearly tripled from Rs 5 crores to Rs 14 crores.
According to the recent presentations, the company, year-to-date, has been successful in achieving an order intake of $41.9 million. Moreover, the company is in search of tapping new geographies (EMS destinations) as well as industries (EVs & 5G).
Cyient DLM Limited is one of the leading integrated Electronic Manufacturing Services (EMS) and solutions providers across the entire life cycle of a product including the design, build, and maintenance. Its solutions primarily include manufacturing printed circuit board (PCB) assembly, cable harnesses, and box builds such as cockpits, landing systems, etc.
Written by Amit Madnani
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