IT stock jumps 7% after setting up a subsidiary for expansion of its semiconductor business – Trade Brains
by | Jul 12, 2024 | 12:33 pm | News, Trending News | 0 comments
IT stock engaged in the business of providing global technology services and solutions jumped 7 percent in the day’s trade upon setting up a subsidiary for strategic expansion of its Semiconductor business
With a market capitalization of Rs. 20,486 Crores, the shares of Cyient Limited were trading at Rs. 1,847.05 per equity share, up 4 percent from its previous day’s close price of Rs. 1,775.70.
Cyient Limited has announced that it has established a fully-owned subsidiary for the strategic expansion of its Semiconductor business, thereby Strengthening its decades of Turnkey Application Specific Integrated Circuits (ASIC) expertise.
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The new subsidiary will strengthen its position in the industry by delivering world-class specialized turnkey ASIC design and chip sales under focused and capable leadership, adapting to market cycles, and more effectively addressing this industry’s technology and capital requirements.
Mr. Krishna Bodanapu, Vice Chairman & Managing Director of Cyient Limited, said, “We are happy to announce this strategic initiative that enhances our capabilities in Application Specific Integrated Circuit (ASIC) turnkey design and manufacturing.
As the global semiconductor market is expected to hit a trillion dollars by 2030 and the Indian Electronics and Semiconductor Association (IESA) forecasting the industry’s growth to USD 100 billion by 2030, we are well positioned to capitalize on the vast opportunities for growth and influence in this evolving market.”
Further “Cyient’s credentials in the semiconductor electronics sector through Cyient DET and Cyient DLM have enabled us to set up this subsidiary to drive a dedicated focus on turnkey ASIC design and chip sales through a fabless model for analog mixed-signal chips. This subsidiary ushers a new avenue of possibilities for Cyient to enhance value to our stakeholders and we are grateful for their continued support in this journey,”
Cyient Limited is engaged in the business of providing global technology services and solutions, specializing in geospatial, information technology solutions, engineering design, data analytics, and many more.
Its revenue from operations grew by 18.81 percent from Rs. 6,016 Crores in FY23 to Rs. 7,147 Crores in FY24, accompanied by profits of Rs. 514 Crores to Rs. 703 Crores
In terms of Return ratios, it has reported a return on equity(ROE) of 18.8 percent and a return on capital employed (ROCE) of 21.9 percent. It has reported a debt-to-equity ratio of 0.18.
Written by: Bharath K.S
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