Cyient enters into an MoU with Business Finland, shares rally 2%

The MoU aims to facilitate opportunities for cooperation between Cyient and Business Finland. The collaboration will leverage Cyient’s strong presence in Europe, especially in Finland, and a robust platform to work with the Finnish ecosystem, including startups. Business Finland will enable a joint go-to-market to enhance market access and visibility. Through this alliance, Business Finland aims to bolster Finland's status as a leader in innovation and to foster the development of new digital industries.

Cyient’s focus on the Nordic region, underscored by recent strategic acquisitions and a commitment to sustainability, aligns perfectly with this partnership. The collaboration aims to foster opportunities for Cyient to access Finnish technology and innovation, enhancing its market presence in the region.

Cyient will announce its results for Q2FY25 on Thursday, October 24, 2024. In Q1FY25, the company posted subdued numbers across the board. Revenue for the previous quarter declined 8.7% YoY to Rs.569 crore, compared to Rs.624 crore in Q1FY24. Meanwhile, net profit for the previous quarter declined by 37% YoY to Rs.79.8 crore, compared to Rs.127 crore in Q1FY24.

Cyient provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders. It leverages the power of digital technology and advanced analytics.

Following the announcement, shares of Cyient Ltd jumped nearly 2% to hit an intraday high of Rs.1893 apiece on the NSE. On a YTD basis, shares performed weakly in 2024, with -18% returns from January 1 to October 15th.