Shares of Cyient Ltd. rose the most in 13 months after it declared June 12 as the record date for the final dividend declared during the fourth-quarter results.
"The board of directors of the company has recommended a final dividend of Rs 16 per equity share, which is 320% on par of Rs 5 per share for the financial year ended March 31, 2023, to those members as of the record date of June 12, 2023, subject to the approval of members at the ensuing Annual General Meeting of the company," the company said in a filing. The dividend will be paid within 30 days from the date of the AGM, it said.
The company's fourth-quarter revenue rose 8.23% year-on-year to Rs 1,751.4, in line with a Bloomberg estimate of Rs 1,730.6 crore.
Shares of Cyient rose as much as 11.13%, the most since April 22, 2022, on Friday before paring some gains to trade at 8.67% to Rs 1,490.9 apiece as of 10:54 a.m., compared with a 0.15% rise in the benchmark Nifty 50.
The stock has risen over 10% every month since January 2023, this year. It has risen over 20% in the month of April and May. So far this year, Cyient has surged 83.47%.
The total traded volume so far in the day stood at eight times its 30-day average. The relative strength index was at 74.4, implying that the stock may be overbought.
Out of the 18 analysts tracking the company, 11 maintain a 'buy' rating and seven recommend a 'hold' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 15.2%.
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