Cyient in the limelight

Cyient is up in the green today after having tanked yesterday. Today it recouped and rose over 5% to Rs.510.

The reason is that finally the divestment by United Technologies Corporation (UTC), a  subsidiary Carrier International (Mauritius), completely exited the company.

UTC yesterday sold 1.36 crore shares or balance 12.2% stake it held in Cyient on the NSE. The shares were sold at an average price of Rs. 475.17 per share.

The NSE data shows that a bunch of mutual funds and private funds - Amansa Holdings, Birla Sun Life 95 Fund, Birla Sun Life Pure Value Fund, DSP BlackRock Small and Mid Cap Fund and Government Pension Fund Global picked up a total of 76.85 lakh shares.

This was a strategically planned stake sale as UTC had already stated it was divesting all its stake. This is the second tranche of divestment, the first done on June 7. The UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company.