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Following a multibagger surge in the stock in the last 1 year, domestic brokerage house Axis Securities has picked IT stock Cyient as its 'top pick of the week'.
The Cyient stock hit an all-time high on Tuesday and has been a consistent outperformer over a year. The companys revenues from sustainability segment have risen from 15.4% in FY22 to 22.1% in FY23. The trend should continue in FY24 too. However, the MF stake in the stock has fallen. What has made investors backtrack their bet on Cyient?
For the quarter ended September, Cyient's consolidated net profit saw a rise of 132.11 percent to Rs 183.6 crore, compared to Rs 79.1 crore in the year-ago period
Cyient is betting big on aerospace, defense and communication segments, and Kotak Equities believes the company will be a major beneficiary of the tailwinds these sectors are likely to see.
Cyient dividend: The IT firm recently fixed June 12 as the cut-off date for the purpose of final dividend and e-voting in connection with the Annual General Meeting of the company scheduled to be held on June 21.