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Home >Markets >Stock Markets >Cyient falls 11.4% after missing estimates and rating cut
The stock was cut to neutral from buy at Phillip Securities and cut to add from buy at Centrum Broking. (Photo: iStock)
The stock was cut to neutral from buy at Phillip Securities and cut to add from buy at Centrum Broking. (Photo: iStock)

Cyient falls 11.4% after missing estimates and rating cut

  • 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%.

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