Cyient DLM gains on getting nod to acquire 100% stake in Altek Electronics through arm
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Cyient DLM is currently trading at Rs. 695.80, up by 5.40 points or 0.78% from its previous closing of Rs. 690.40 on the BSE.
The scrip opened at Rs. 699.05 and has touched a high and low of Rs. 704.40 and Rs. 684.85 respectively. So far 8920 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 882.90 on 26-Feb-2024 and a 52 week low of Rs. 580.00 on 05-Jun-2024.
Last one week high and low of the scrip stood at Rs. 714.10 and Rs. 662.05 respectively. The current market cap of the company is Rs. 5476.48 crore.
The promoters holding in the company stood at 66.66%, while Institutions and Non-Institutions held 22.58% and 10.76% respectively.
Cyient DLM has received approval from board of directors to acquire 100% stake in Altek Electronics Inc. through its wholly owned subsidiary -- Cyient DLM Inc. Having served many North American companies as a preferred, mission-critical supplier for decades, Cyient DLM is now pursuing the acquisition of the right North American based EMS company that would allow it to strengthen its presence in the region and explore growth synergies to drive future growth.
This would strengthen Cyient DLM’s offerings in Industrial, Medical and Defense sectors. As part of that acquisition program, the focus is on acquiring strong-run businesses with the key management teams and workforce in place. The Board at their meeting held on October 03, 2024 approved the same.
Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build and maintenance. It has three state manufacturing facilities in Hyderabad, Bengaluru and Mysore.
