Cyient scales fresh peak: Should you buy, add, hold or sell the midcap IT stock?
Cyient shares surged to a 52-week high on Friday, a third straight day of rise for the midcap IT stock, after the Hyderabad-based company's board fixed a record date for its latest dividend. Here's what to do with the stock now.
Cyient shares surged to a 52-week high on Friday, a third straight day of gains for the midcap IT stock, after the Hyderabad-based company's board fixed a record date for its latest dividend. Cyient shares spurted by Rs 154 or 11.2 per cent to touch Rs 1,525.6 apiece on BSE at the strongest level of the day, surpassing its existing 52-week high of Rs 1,415 apiece, touched last month.
Should you buy, sell or hold Cyient shares?
Jay A Thakkar, Vice President and Head of Alternate Research at Sharekhan, recommends adding Cyient shares on declines. "The stock has staged a strong outperformance... One can use levels of Rs 1,375-1,400 to add the stock to the portfolio for the long term with a stop loss at Rs 1,290," Thakkar said, in conversation with Zee Business Managing Editor Anil Singhvi.
Thakkar has placed targets as high as Rs 2,200 and Rs 2,560 for Cyient shares — implying upside potential of almost 68 per cent from the latest peak.
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Cyient board fixed record date
Cyient's board has fixed June 12 as the record date for its final dividend for the financial year 2022-23. Earlier, Cyient had announced a dividend of Rs 16 per share — a 320 per cent payout given the face value of Rs 5 per share.
Cyient staged a strong performance in Q4
In April, Cyient reported a better-than-expected 4.6 per cent sequential rise in net profit to Rs 163.2 crore for the quarter ended March 2023. Its revenue grew 8.2 per cent to Rs 1,751.4 crore compared with the previous quarter, according to a regulatory filing.
Cyient clocked a full 100-basis-point increase in margin to 14.2 per cent. It reported Rs 249.4 crore in earnings before interest and taxes (EBIT), marking growth of 17 per cent sequentially.
The company guided for revenue growth to the tune of 15-20 per cent in constant currency terms for the year ending March 2024 with an improvement of 100-200 basis points in its margin.
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