Buy Cyient, target price Rs 750: Yes Securities

Yes Securities has buy call on Cyient with a target price of Rs 750. The current market price of Cyient is Rs 702.3 .

Cyient Ltd., incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 7720.53 Crore) operating in IT Software sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 1066.20 Crore, up 5.29 % from last quarter Total Income of Rs 1012.60 Crore and down -7.74 % from last year same quarter Total Income of Rs 1155.70 Crore. Company reported net profit after tax of Rs 95.40 Crore in latest quarter.


Investment Rationale
The stock has resumed its uptrend after breaking out of a consolidation Triangle pattern. Further, volumes have picked up in the recent bull candles and also in the breakout candle, confirming the bullishness. Technical indicator RSI is also confirming that the stock is trading in the bullish territory.

Promoter/FII Holdings
Promoters held 22.9 per cent stake in the company as of June 30, 2020, while FIIs held 42.2 per cent, DIIs 22.1 and public and others 12.9 per cent.