BSE 500 IT Stock: Rs. 18 Dividend, Ex-Date - 21 June; What Chart Pattern Suggests Ahead of The Payout?

Cyient is a large-cap IT company that provides technology and intelligent engineering solutions to 300 clients in a variety of sectors, including 40 per cent of the top 100 worldwide innovators, including 29 Fortune 500 organisations. In March 1997, Cyient became a publicly traded company. Its equity shares were listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India.

Cyient Upcoming Dividend

"This is to inform that the Board of Directors of the Company have recommended a Final Dividend of Rs. 18/- (i.e 360%) per equity share on face value of Rs. 5/- per share, for the financial year 2023-24," said the company in a regulatory filing.

"The Board of Directors of the company had declared an interim dividend of Rs 12/- per share i.e., at the rate of 240% on face value of Rs 5/- on 19 October 2023. The same was paid on 16 November 2023," Cyient said in a statement.

"Pursuant to Section 91 of the Companies Act, 2013 and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and share transfer books of the Company will remain closed from 22 June 2024 to 1 July 2024 (Both days inclusive) for the purpose of Annual General Meeting to be held on Monday, 1 July 2024 and also for the purpose of Final dividend," Cyient informed to the stock exchanges on 9th June.

Cyient Upcoming Dividend Updates

"Final dividend of Rs 18/- per share, i.e., at the rate of 360% on face value of Rs 5/- each for the year ended 31 March 2024, as recommended by the board, if declared at the AGM, will be payable to those persons whose names appear in the Register of Members of the company as at the close of business hours on 21 June 2024. Dividend will be paid within 30 days from the date of AGM," said the company in a statement.

Cyient Key Performance Highlights

"In the Financial Year 2024, we recorded our highest-ever Cyient DET (Digital, Engineering, and Technology) revenue at US$713.9 Mn, with a growth of 12.6% in constant currency terms. We also recorded a normalized EBIT margin of 16.1%, with an expansion of 246 bps YoY, and normalized earnings grew by 31.6% YoY while retaining the focus on FCF (Free Cash Flow), which also grew by 71.4% YoY," Cyient has mentioned on its annual report.

Cyient Share Price Target

"Indian multinational technology company Cyient has formed a bullish pattern 'Double Bottom' chart pattern at its lower level, with 1800 emerging as its major resistance level during the session. The stock has displayed a breakout and is currently trading at a price of Rs. 1880. Those interested in this stock may consider the buying range of Rs. 1780 to 1865, aiming for a target of Rs. 1915-2400. I recommend holding the stock for a period of 6-10 weeks and following a stop loss of Rs. 1700 to protect gains," commented V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

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