INSUBCONTINENT EXCLUSIVE:
Shares of Cyient slumped 11.4 per cent to end at Rs 481.95 on Friday, one of the worst performers on the BSE SmallCap index, as brokerages
cut target price on the stock by 14-20 per cent after weak June quarter results.
On Thursday, the engineering design services provider said
June quarter net profit dropped 48.8 per cent sequentially to Rs 90.5 crore.
Although the management is optimistic about revenue growth
Lilladher has downgraded the stock to hold from accumulate and Anand Rathi downgraded Cyient to hold from buy.
Morgan Stanley has cut EPS
estimates by 5-7 per cent to reflect weaker growth.
