Moneycontrol
Dec 08, 2017 11:11 AM IST | Source: Moneycontrol.com

Cyient continues uptrend, up 2%; Morgan Stanley maintains overweight call

The company entered into a non-exclusive business alliance with EA Technology, an energy technology company headquartered in Chester, UK, to jointly pursue business opportunities globally.

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Cyient’s shares continued its gain from Thursday after it signed a pact with UK firm to explore business opportunities. The stock gained around 2 percent intraday on Friday as Morgan Stanley maintained its overweight stance and a target of Rs 620.

The brokerage house said that delay in fibre rollout in Australia will have an impact on business. Stock trades at cheaper valuation against peers, it added.

Further, it sees potential hiccups in communication vertical, but company reiterates FY18 outlook. Worst case impact to be 5-6% on FY19 earnings estimates, it said.

The company entered into a non-exclusive business alliance with EA Technology, an energy technology company headquartered in Chester, UK, to jointly pursue business opportunities globally.

The alliance will provide asset management and decision support solutions and services for electric utilities, according to a statement issued by the city-based IT firm.

Under the agreement, Cyient will also provide project delivery and implementation services for EA Technology's Asset Investment Management (AIM) software solution, it said.

John Renard, President, Utilities and Geospatial Business Unit, Cyient, said EA Technology is well-respected for its unparallelled knowledge and expertise in electrical asset management.

"We are delighted about working together and are confident that the complementary skills of the two organisations will deliver considerable value to the global electric utility market," Renard said.

At 11:08 hrs Cyient was quoting at Rs 596.10, up Rs 4.90, or 0.83 percent, on the BSE. It touched an intraday high of Rs 601.55 and an intraday low of Rs 594.35.
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