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.
Cyient in an exchange filing said the partnership will enable global manufacturers to drive higher performance across their entire manufacturing operation through AI-powered data. Cyient's end-to-end manufacturing services suite and the Thingtrax solution allow manufacturing leaders to improve operational performance by engaging people at every level to embrace a high-performance culture, the company said.
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Thousands of machines and people are connected globally on Thingtrax's IoT and computer vision modular SaaS Manufacturing Performance Platform, which enables manufacturing businesses to improve efficiency and reduce costs.
Meanwhile, electronic Manufacturing Services (EMS) firm Cyient DLM, a subsidiary of Cyinet, has filed preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an Initial Public Offering (IPO).
The initial share-sale is purely a fresh issue of equity share with no Offer-For-Sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP). The company may consider issuance of securities aggregating up to Rs 148 crore in a pre-IPO placement round, Cyient had said in an exchange filing on January 10.
Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build and maintenance. It has three state manufacturing facilities in Hyderabad, Bengaluru and Mysore.
Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as for general corporate purposes, PTI had reported.