Cyient DLM Share Price Gains After HDFC Mutual Fund Increases Stake
HDFC Asset Management Company Ltd. acquired 17.35 lakh shares of Cyient DLM, increasing its stake to 9.85%. Seven analysts recommend 'buy,' with one recommending 'sell.'
HDFC Mutual Fund has increased its stake in Cyient DLM Ltd. by 2.19%, the latter informed the exchange filing. After this, HDFC Mutual Fund holds 9.85% stakes in the Cyient DLM compared to 7.66% holding earlier.
HDFC Asset Management Company Ltd. bought 17.35 lakh shares through the open market on Nov 22. After the purchase, the mutual fund company owns a total of 78.10 lakh shares, or 9.85% of the total paid-up equity share capital of the company.
As of Sept 30, Cyient DLM has 7.94 crore shares outstanding. Out of the total shares, the promoter group handles 52.16%, and 47.84% is controlled by the public.
Following the news of the acquisition, Cyient DLM extended gains.
Cyient DLM's share price rose 4.65% to Rs 660 apiece, the highest level since Nov 11. It was trading 4.05% higher at Rs 656.50 apiece as of 12:39 p.m., as compared to a 0.35% advance in the NSE Nifty 50 index.
Cyient DLM's share price ended 0.17% down at Rs 630.95 apiece on Tuesday.
The stock is up 2.91% in 12 months and declined 2.8% on a year-to-date basis. Total traded volume on NSE so far in the day stood at 0.93 times its 30-day average. The relative strength index was at 50.42.
Out of eight analysts tracking the company, seven maintain a 'buy' rating, and one suggests to 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 58.4%.
HDFC Asset Management Co share price declined 0.88% to Rs 4,201.00 apiece. It erased losses to trade 0.26% higher at Rs 4,249.30 apiece as of 12:45 p.m.
