Cyient is in the limelight today, rising over 2% to hit an intraday high at Rs.813.95 but once again profit booking and the overall mood on the Street pushed it down into the red.
The company announced today before the opening bell that it has signed definitive agreements to acquire Celfinet, an international Wireless Engineering Services company.
Cyient will acquire the Portugal-based company for Euro 41 Million.
With this acquisition, Cyient strengthens its Wireless Engineering practice to support Communication Service Providers (CSPs) and Enterprises in deploying their pervasive connectivity networks at scale. It is also expected to better its presence in Europe, where Celfinet has a strong footprint, and help scale its business across North America and Australia.