Cyient DLM Jumps 12% To Five-Month High After Boeing Order Win
Cyient DLM will manufacture battery diode modules for Boeing's 787 Dreamliner fleet, the company said.
Shares of Cyient DLM Ltd. jumped over 12% to their highest in five months on Monday after it won an order to manufacture battery diode modules for Boeing Co.'s wide-body aircraft.
Cyient DLM will manufacture battery diode modules for Boeing's 787 Dreamliner fleet, the company said in an exchange filing. This is the first such order from Boeing where Cyient DLM will be involved in the manufacturing of power electronics, design, and certification support of commercial aeroplanes.
Shares of Cyient DLM surged 12.12% to Rs 870, the highest level since Feb. 28. It was trading 5.38% higher at Rs 816.80 as of 2:34 p.m., compared to 0.01% advance in the NSE Nifty 50.
The stock gained 58.52% in last 12 months and 21.36% on year-to-date basis. The total traded volume so far in the day stood at 2.66 times its 30-day average. The relative strength index was at 65.82.
All the six analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.8%
