Shares of Cyient Ltd rose 7% in the afternoon session on Friday after the IT enabled services firm announced the strategic expansion of its semiconductor business with the establishment of a fully owned subsidiary. Cyient stock gained 7% to Rs 1,900 on BSE against the previous close of Rs 1775.70. Market cap of the firm climbed to Rs 20,486 crore on BSE.

Cyient shares opened higher at Rs 1780.20 today. The firm saw 0.75 lakh shares changing hands amounting to a turnover of Rs 13.84 crore on BSE. 

In terms of technicals, the relative strength index (RSI) of Cyient stands at 37.8, signaling it’s trading neither in the overbought zone nor in the oversold zone. 

Cyient shares are trading higher than the 5 day, 10 day, 20 day, 30 day and 50 day moving averages but lower than the 100 day, 150 day and 200 day moving averages.

Krishna Bodanapu, Vice Chairman & Managing Director of Cyient Limited, said, “We are happy to announce this strategic initiative that enhances our capabilities in Application Specific Integrated Circuit (ASIC) turnkey design and manufacturing. As the global semiconductor market is expected to hit a trillion dollars by 2030 and the Indian Electronics and Semiconductor Association (IESA) forecasting the industry’s growth to USD 100 billion by 2030, we are wellpositioned to capitalize on the vast opportunities for growth and influence in this evolving market.”

“Cyient’s credentials in the semiconductor electronics sector through Cyient DET and Cyient DLM have enabled us to set-up this subsidiary to drive a dedicated focus on turnkey ASIC design and chip sales through a fabless model for analog mixed-signal chips. This subsidiary ushers a new avenue of possibilities for Cyient to enhance value to our stakeholders and we are grateful for their continued support in this journey,” he added.

Cyient is engaged in providing global technology services and solutions specialising in geospatial, engineering design, IT solutions and data analytics.