Cyient lost 1.84% to Rs 415 at 12:44 IST on BSE after the company said it has signed a definitive agreement to acquire a majority stake in Invati Insights, a start-up data sciences company.
The announcement was made after market hours on Thursday, 21 August 2014.
Meanwhile, the S&P BSE Sensex was up 103.31 points or 0.39% at 26,463.42.
On BSE, so far 5,960 shares were traded in the counter as against average daily volume of 48,258 shares in the past one quarter.
The stock was volatile. The stock lost as much as 2.75% at the day's low of Rs 411.15 so far during the day. The stock rose as much as 2.29% at the day's high of Rs 432.50 so far during the day. The stock had hit a record high of Rs 449.10 on Thursday, 21 August 2014. The stock had hit a 52-week low of Rs 170.05 on 22 August 2013.
The stock had outperformed the market over the past one month till 21 August 2014, surging 17.54% compared with Sensex's 2.51% rise. The scrip had also outperformed the market in past one quarter, jumping 45.17 % as against Sensex's 8.49% rise.
The mid-cap company has equity capital of Rs 56.07 crore. Face value per share is Rs 5.
The new entity proposed to be renamed Cyient Insights to better reflect brand and market aspirations, Cyient said in statement. Invati Insights (Invati) will strengthen Cyient's data analytics capabilities and offerings across a set of chosen industry verticals that continue to demonstrate strong appetite and spend in this area, Cyient said. Invati's well-established data sciences approach will help Cyient Insights provide robust anatytics frameworks and solutions with a strong focus on the "Internet of Things" and advanced analytics, Cyient added. The blend of Invati's data sciences core competence and Cyient's domain expertise creates an integrated consulting, solutions and systems integration portfolio for a number of industries including aerospace, utilities, communications, transportation, energy, and oil and gas, Cyient said. Cyient Insights will focus on analytics aligned to engineering, networks and operations across these verticals.
N J Joseph, Senior Vice President and Head of Strategy & Planning, Cyient said, "Invati's data sciences credentials and analytics solution frameworks align very well with the expectations of our markets and customers. I am excited about the shared focus, objectives and vision for data analytics that underpin Cyient Insights and look forward to working with Sesha and his team to achieve them."
Sesha Modukuru, CEO Invati Insights said, "We are at an intersection where engineering and data sciences collide to create innovation. Today more and more executives are depending on advanced analytics for relevant, trustworthy and actionable insights. We are very excited to partner with Cyient to provide these unique value-added services to our esteemed customers."
Cyient's consolidated net profit surged 26.1% to Rs 68.51 crore on 28.5% growth in net sales to Rs 621.70 crore in Q1 June 2014 over Q1 June 2013.
Cyient is an engineering, network and operations solutions company headquartered in Hyderabad.
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