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?
Accenture reiterated its headline FY24 revenue growth guidance of 2-5% YoYcc but increased the inorganic contribution to more than 2% vs 2% earlier, which implies that FY24 organic growth guidance has been trimmed slightly. Management indicated no change in the demand environment – persistent weakness in BFS, CMT, and discretionary spends.
"Rollover to December quarter and 2X increase in multiple factoring in lower macro uncertainty following rate cut path laid out by US Fed lead to 9-16% increase in FVs for IT stocks," Kotak said in a note
The much-awaited IPO of Tata Technologies undoubtedly earns the award of best debutant of 2023. The stock not only doubled on listing day itself but is still trading around 148% higher from the issue price. The Rs 3,034-crore IPO also managed to break LIC s record by garnering a record number of 73.58 lakh applications.