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Business News/ Markets / Stock Markets/  Syrma SGS Technology share price surges over 9% to hit 52-week high; here's why

Syrma SGS share news: Syrma SGS Technology share price surged over 9% to touch 52-week high on Friday's trading session after the company appointed Satendra Singh as Chief Executive Officer (CEO). Syrma SGS share price opened at 496.95 apiece on BSE. Syrma SGS share hit intraday high of 540 and low at 494.05.

According to the company's exchange filing, this is a significant addition to the company's management team and is consistent with the strategic goals that the company planned.

"We wish to inform you that the Board of Directors of the Company have considered and approved today i.e., August 24, 2023, appointment of Satendra Singh as CEO of the company with immediate effect," said Syrma SGS Technology in its release.

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Satendra Singh will report directly to Managing Director, Jasbir Singh Gujral, the company said in an exchange filing on Thursday.

According to the exchange filing, Satendra will join Syrma SGS from Nokia, Helsinki, where he led global Hardware Service Delivery, according to the exchange filing. He is a senior executive with almost three decades of experience working for large multinational corporations in strategy, operations, manufacturing, and business management.

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Sandeep Tandon, Chairperson of Syrma SGS NRC said, “Satendra’s appointment is the successful culmination of a rigorous selection process during which the NRC evaluated a number of internal and external candidates. Satendra’s experience and understanding of our industry will complement Syrma SGS’s strategies and continue to build on the strong growth momentum demonstrated by the company."

Syrma SGS Technology share price rose 14.8% outperformed its sector by 12.2% in the past week, as per trendlyne data. Syrma SGS Technology Ltd has an upcoming dividend of 1.50 per share due on September 1.

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According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, Syrma SGS share prices have given spectacular returns from the March swing low of around 260, and it is a strong uptrend, after consolidating for couple of weeks in a range, prices have resumed uptrend with prices breaking out of recent higher range, this breakout is seen with strong volumes and bullish candlestick, expect this up move to continue in the near term with 600 as immediate resistance, 490 can be considered as immediate support.

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Updated: 25 Aug 2023, 02:25 PM IST
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