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As on 02-Jun-2023  15:10

Cyient hits record high; jumps 14% in three days

Shares of the IT firm jumped 14.21% in three trading sessions from its previous closing low of Rs 1,280.95 on 30 May 2023.

The stock hit its all time high of Rs 1,525.55 today. The counter has zoomed 110.71% from its 52-week low of Rs 724 hit on 3 November 2022.

On the BSE, 1.21 lakh shares were traded in the counter so far compared with average daily volumes of 30,702 shares in the past two weeks.

The stock had outperformed the market over the past one month, advancing 25.32% compared with 2.02% rise in the Sensex.

The scrip outperformed the market in past one quarter, surging 52.72% as against Sensex's 6.26% jump.

The counter had also outperformed the market in past one year, soaring 83.74% as against 12.14% surge in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 73.296. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 1,161.85, 1,034.55 and 920.78 respectively. These levels will act as crucial support zones in near term.

Cyient is a global engineering and technology solutions company. The IT company's consolidated net profit rose 4.62% to Rs 163.2 crore while revenue increased 8.21% to Rs 1,751.1 crore in Q4 FY23 over Q3 FY23.

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