Shares of Cyient Ltd. rose as the board of directors of the company appointed Executive Director and Chief Operating Officer Karthik Natarajan as the new chief executive officer.
Cyient Ltd. also appointed Krishna Bodanapu, who is presently the managing director and chief executive officer, as the executive vice chairperson and managing director again, according to an exchange filing on Monday.
The company also appointed Prabhakar Atla as president and chief financial officer-designate, keeping in mind the upcoming retirement of CFO Ajay Aggarwal, the filing said. Atla will take over the role on April 20.
Shares of Cyient Ltd. advanced 4.12% to Rs 1,035.65 apiece, as of 10:41 a.m. in trade on Wednesday, compared to the 0.57% advance in the benchmark NSE Nifty 50 Index.
The stock advanced as much as 4.76% intraday, rising the most since March 31, 2023.
Total traded volume stood at four times its 30-day average. The relative strength index was at 71, implying that the stock may be overbought.
Out of the 19 analysts tracking the company, 16 maintain a 'buy' rating and three recommend a 'hold' on the stock, as per the Bloomberg data.
The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 4% over the next 12 months.
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