Buy Cyient, target price Rs 260. Jayesh Bhanushali

Jayesh Bhanushali of IIFL has a buy call on Cyient Ltd. with a target price of Rs 260.0 . The current price of Cyient Ltd. is Rs 235.05 Time period given by the analyst is Intra Day when Cyient Ltd. price can reach defined target. . Jayesh Bhanushali recommended to keep a stoploss at Rs 215 .

Cyient Ltd., incorporated in 1991, has a market cap of Rs 2584.87 crore.

Investment Rationale


The stock has formed a bullish engulfing candlestick pattern on the daily chart.

Financials

For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 1105.90 crore, down -4.57 per cent from last quarter sales of Rs 1158.90 crore and down -6.89 per cent from last year same quarter sales of Rs 1187.70 crore. The company reported net profit after tax of Rs 109.90 crore in the latest quarter.

Promoter/FII Holdings

Promoters held 22.87 per cent stake in the company as of March 31, 2020, while FIIs held 42.16 per cent, DIIs 22.1 per cent and public and others 12.88 per cent.