This Article is From Jan 02, 2015

Cyient Gains 3% on Acquisition

Shares in Cyient, which provides engineering and operations solutions gained as much as 3 per cent to a day high of Rs 527.25 on Friday after the company said that it has acquired 74 per cent stake in Mysore-based electronic manufacturing services provider Rangsons Electronics for an undisclosed sum.

Cyient said in a filing to exchanges that the transaction will strengthen its end-to-end capabilities in integrated engineering design and production.

The acquisition positions Cyient strongly to expand into high-technology and high-value, design-led system and solution, the company said in a statement.

As of 1.26 p.m. shares in Cyient traded 2.44 per cent higher at Rs 524.95 apiece, outperforming the broader Nifty, which was up 1.4 per cent.

(With agency inputs)