The stock witnessed spurt in volumes by more than 1.40 times. It was trading with volumes of 4,220 shares, compared to its five day average of 2,855 shares, an increase of 47.81 percent.
The share price of global engineering and technology solutions company Cyient jumped over 2 percent intraday on September 11 after the company signed an MoU with QinetiQ to offer avionics products for unmanned target systems in India.
Cyient will provide advanced manufacturing and electronics engineering solutions for QTS' range of unmanned air, land, and sea target systems from its facilities in India.
'The signing of this MOU with Cyient marks a significant milestone in QTS' strategy in India. The high levels of expertise and quality within the Cyient business together with the enthusiasm and desire to succeed have impressed us from day one. Initial efforts are focused on the manufacture and assembly of avionics and electronics assemblies for our target systems as we grow indigenous activities beyond the manufacture and assembly of airframes, subsystems, and ground equipment already in place," said Graham Brooks, Program Manager, India, at QinetiQ Target Systems.
"This partnership will allow us to support the "Make in India" initiative of the Government of India by building critical subsystems for QTS products out of our manufacturing facilities. We see a seamless alignment between our business strategies, and this MoU is a significant milestone in our long-term partnership," said Anand Parameswaran, Senior Vice President, Aerospace and Defense at Cyient.
Volumes in the stock surged over 1.40 times or 47.81 percent to 4,220 shares from the five-day average of 2,855 shares.At 13:48 hrs Cyient was quoting at Rs 453.80, up Rs 10.60, or 2.39 percent. It has touched an intraday high of Rs 458.00 and an intraday low of Rs 441.25.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.