Comments
Shares of Cyient hit over 2-year high on higher Q3 revenue. The stock rallied as much as 7.1 per cent to Rs 623, highest since October 15, 2015.
The company had said on Thursday its December quarter consolidated net profit fell 6.8 per cent to Rs 87.8 crore. However, consolidated revenue from operations rose 7.2 per cent to Rs 983 crore.
Morgan Stanley has hiked the price target to Rs 670 from Rs 650. It has maintained 'overweight' rating on the stock. Strong double-digit revenue and earnings growth, driven by core services business, show continued strong momentum in the business, analysts say.
According to Morgan Stanley, the management expects current business momentum to continue in FY 2019 and revenues from top 20 clients to stay strong. Up to Thursday's close, the stock had risen 21.3 per cent in 12 months.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.