Technology solution provider, Cyient saw its share price rise around 2 percent after the company's announcement to partner with Thingtrax.
The partnership will enable manufacturers to increase efficiency and reduce costs, Cyient said.
Thingtrax is a UK-based technology firm which assists manufacturers in reducing downtime and increasing operational efficiency.
The company filing said the partnership will use AI-powered data to help global manufacturers improve their manufacturing operations, and it will encourage everyone in the organization to work towards achieving better performance.
Follow our live blog for all the market action
“I am pleased to announce the global partnership between Cyient and Thingtrax. This partnership adds to Cyient’s Digital E R&D focus and will help our global customers improve efficiency and reduce operational cost by improving their performance KPIs enabled by faster machine connectivity, dynamic visual feeds, and decision systems across organization levels,” said Prabhakar Shetty, Chief Digital Officer at Cyient.
In Q3FY23, Cyient reported robust performance with revenue growing at 12.7 percent quarter-on-quarter (QoQ) while order intake in the services business grew 83 percent QoQ to $237.1 million. The company also saw EBITDA margin expansion at 13.2 percent compared to 10.1 percent reported in September 2022 quarter.
Shares of Cyient have seen an uptick of more than 10 percent in the last month.
On Wednesday, the scrip closed 2.14 percent up on the NSE at Rs 973.13 apiece while its peers L&T and Zensar closed 1.04 percent down and 2.23 percent up, respectively.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
