Friday, 18 January 2019

Cyient plunges 8% as investors react to fall in Q3 profit to Rs 92.3 crore

Shares of Cyient were down around eight % as investors turned cautious of the stock once Gregorian calendar month quarter results’ announcement.

The company’s profit has fallen twenty seven % to Rs ninety two.3 crore, whereasrevenue stay unchanged at Rs one,187.7 large integerquarter on quarter. the corporate, that was imagined to contemplate redemption, can do thus at a later date.

Morgan Stanley is overweight on the stock with a target set at Rs 720. The brokerage believes that earnings were a miss on revenue, however it had been offset by a robustmargin.

The company down full-year revenue steering for services business.

Going forward, it expects sturdy growth in this falltogether with margin growthQoQ.

At 09:18 hrs Cyient was quoting at Rs 588.90, down Rs 38.65, or 6.16 percent, on the BSE. It touched associate degree intraday high of Rs 600.00 associate degreed an intraday low of Rs 577.30.

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