Cyient hits 52-week high on pact with Thingtrax; stock surges 7% in 3 days

Last month, electronic Manufacturing Services (EMS) firm Cyient DLM, a subsidiary of Cyinet, filed preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an IPO.

Shares of Cyient hit a 52-week high of Rs 979.20, as they gained 3 per cent on the BSE in Wednesday’s intra-day trade in an otherwise weak market after the company announced a partnership with Thingtrax to enable manufacturers to increase efficiency and reduce costs. It was trading higher for the fourth straight day, surging 7.5 per cent during the period.

The stock of a consulting-led, industry-centric, global technology solutions company surpassed its previous high of Rs 964.45, touched on March 23, 2022. In comparison, the S&P BSE Sensex was down 1.4 per cent at 59,847 at 02:43 PM.