Buy Cyient, target price Rs 880: HDFC Securities

HDFC Securities has buy call on Cyient with a target price of Rs 880. The current market price of Cyient Ltd. is Rs 830.05. Time period given by analyst is Intra Day when Cyient Ltd. price can reach defined target.

Cyient Ltd., incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 9158.28 Crore) operating in IT Software sector.

Cyient Ltd. key Products/Revenue Segments include Software Development Charges for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 1283.80 Crore, up 4.32 % from last quarter Total Income of Rs 1230.60 Crore and up 18.44 % from last year same quarter Total Income of Rs 1083.90 Crore. Company reported net profit after tax of Rs 116.10 Crore in latest quarter.

Investment Rationale
Stock price is placed at upside breakout of small range. Daily RSI placed at 60 signals further upside.

Promoter/FII Holdings
Promoters held 23.4 per cent stake in the company as of 30-Jun-2022, while FIIs owned 34.04 per cent, DIIs 22.52 per cent.