Cyient falls 11.4% after missing estimates and rating cut1 min read . Updated: 19 Jul 2019, 10:13 AM IST
- Analyst consensus one-year price target for the company is ₹659.65
- Cyient reported a rise of 9.7% YoY in its consolidated profit after tax for Q1
Mumbai: Shares of Cyient Ltd fell as much as 11.40% to ₹482.10 its lowest in 22 months after missing June quarter net profit and revenue estimate and an analysts rating cut on the stock.
Cyient has reported a rise of 9.7% year-on-year (YoY) in its consolidated profit after tax for quarter ending June 30 at ₹90.5 crore against ₹8.25 crore for the same quarter last year. There has been a growth of 0.8% YoY in consolidated revenue at ₹1,089 crore and de-growth of 6.3% QoQ. Bloomberg survey of 17 analysts had estimated profit and revenue of ₹170 crore and ₹1,167.1 crore respectively.
The stock was cut to neutral from buy at Phillip Securities and cut to add from buy at Centrum Broking.
Cyient has also announced a partnership with One strand Inc in May 2019 as it will provide interactive technical publication solutions using One strand’s S1000D software.
14-day Relative Strength index of the stock is at 26.125 and a RSI below 30 may indicate the stock is oversold. Trading volume was more than 40 times the 20-day average for this time of day.
Analyst consensus one-year price target for the company is ₹659.65, for a potential return of 33%.