Midcap stocks rise after HDFC mutual fund buys additional stake worth ₹204 Cr

Shares of the engineering and technology solutions provider rose up to 1.3 per cent after mutual fund HDFC bought an additional stake in the company worth Rs 204.1 crore.

With a market capitalization of Rs 19,805.28 crore, the shares of Cyient Limited were trading at Rs 1,802.85 per share, up about 0.43 percent from the previous closing price of Rs 1,794.30 per piece.

As of March 2024, mutual fund HDFC owns 11,92,951 shares, equivalent to 1.08 percent of the company. However, on May 2, 2024, mutual fund HDFC bought another 11,33,893 shares, which is 1 percent of the shares paid. -up equity at an average price of Rs 1,800 per share, valuing it at Rs 204.1 crore.

Looking at Cyient Ltd’s performance, revenue increased by 6 percent from Rs 1,751 Crore in Q4FY23 to Rs 1,861 Crore in Q4FY24. In the same time frame, net profit rose 21 percent from Rs 163 crore to Rs 197 crore.

Starting in the fourth quarter of 2024, the company has established a strategic relationship with Deutsche Aircraft, a German OEM, to work on the detailed design for production (DFM) of the rear fuselage section for the small 40-seat D328eco turboprop aircraft.

Cyient partners with more than 300 customers, including 40% of the top 100 global innovators, to deliver intelligent engineering and technology solutions to create a digital, autonomous and sustainable future. Full year order intake of US$902 million translates into 15% year-on-year growth with contributions from our key major units such as Sustainability, Transport and Connectivity.

According to the company’s recent shareholding pattern, promoters own 23.17 percent, while Retail shareholders own 19.00 percent stake in the company, and foreign institutional investors hold 31.04 percent.

Cyient (formerly Infotech Enterprises Limited) is an Indian multinational technology company specializing in engineering, manufacturing, data analytics, networking and operations. Infotech Enterprises Ltd. was founded in 1991 in Hyderabad.

Written by:- Abhishek Singh

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