Shares of Cyient crashed nearly 6% on Wednesday after the stock turned ex-record date for its share buyback worth Rs 720 crore at a price of Rs 1,125 per share, implying a premium of around 24% over the previous closing price.

The engineering and technology services company had fixed June 17 (Wednesday) as the record date for its Rs 720 crore share buyback. Only those shareholders who own the company’s shares in their demat accounts as of today will be eligible to tender shares. This means that any investor taking fresh positions in the counter will likely get the shares credited tomorrow as per Sebi’s T+1 settlement rule, making them ineligible to participate in the buyback.

All about Cyient’s share buyback

Cyient in April said it will buy back up to 64 lakh shares for Rs 1,125 per share. This marks Cyient’s first buyback since 2019. In an exchange filing released on Monday, Cyient announced that its shareholders have now approved the share buyback. The entitlement ratio and other details will be announced later.

Buyback of shares refers to a corporate action where a company repurchases its own shares from existing shareholders. Usually, the company purchases the shares at a higher price than current levels, encouraging investors to participate. Typically, a company decides to buy back its shares to increase share value, utilise surplus cash, prevent hostile takeovers or increase promoter holdings.

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Cyient share price

Cyient shares have gained over 1% in one week but is down nearly 23% in 2026 so far. In the longer term, the shares of the company have fallen 36% in one year and 42% in three years, but recorded marginal gains in five years.The company currently has a market capitalisation of less than Rs 9,540 crore.

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Why does Emkay maintain a ‘Reduce’ call on Cyient shares?

Emkay maintained its ‘Reduce’ call on Cyient shares, while increasing its target price to Rs 900 apiece from Rs 850 apiece. The latest target price implies a downside potential of less than 1% from the stock’s previous closing price of Rs 907.65 apiece.
The brokerage said that the firm’s growth slowed in FY26 owing to macro headwinds, ET Now reported. ER&D spend continued to expand at a healthy mid-to-high single digit, it added.
While collections increased modestly, mainly led by an increase in the DET segment, the number of DLM inventory turnover days rose by 63 due to weak revenue, customer-specific programme requirements and global supply chain challenges. It added that the management aspires to deliver stronger and more profitable growth in FY27.
Also read: Sebi plans buyback via SEs again, easier MF borrowing rules

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The professional advisory firm has moved its Cardiff operation into the One Central Square office building

Professional advisory firm PwC has moved into its new Welsh headquarters in the centre of Cardiff.

The firm, which since the pandemic has seen its head count in the capital double to 400, has relocated to the One Central Square building at the wider Central Square office, residential and retail scheme around Cardiff Central Station.

The firm has taken two floors, which have been refurbished using Welsh suppliers, extending to 33,500 sq ft. It has moved from its previous Cardiff city centre offices at the 2 Kingsway building, where it was located for 25 years.

Its new office space was previous occupied by car finance company Motonovo before it relocated to the adjacent 2 Central Square office building.

The firm considered a number of new locations, and at one stage were linked to a new build development at the nearby Central Quay regeneration project at the former Brains brewery site, before opting for One Central Square.

The building’s close proximity to good public transport links, with Cardiff Central Station and the new bus station, were supporting factors in the decision The office provides the firm’s service lines of consulting, tax, audit and deals, as well as housing its specialist ethical hacking team for the UK.

Stuart Couch, market leader for PwC in Wales, said: “It’s a real pleasure to finally open the doors of our new offices here at One Central Square, a building that reflects PwC’s ambitions in Wales, just as the Central Square development reflects Cardiff’s ambitions.

“There are real reasons to be optimistic about Wales’ prospects. It has proven its strength in advanced manufacturing, its fintech and insurance sectors are growing fast, and it is starting to take advantage of its natural edge in the transition to green energy.

” Capitalising on those strengths will require leaders to make creative decisions – new approaches to financing, complex transformation programmes, cross-sector collaboration. One Central Square gives us the platform to play our part in unlocking Wales’ potential and helping it take the next steps in its economic journey.”

Pontypool-born Mr Couch said its new office has been designed to accommodate further growth in head count. PwC was the first professional advisory firm requiring staff to be in the office, or with clients, for at least three days a week after the pandemic.

Carl Sizer, chief markets officer at PwC, UK, said: “We’ve been in Cardiff for over 90 years, and our move to One Central Square underlines our continued investment and focus on the Welsh market.

“Our regional strategy is fundamental to our purpose and our success; it’s vital that we live and work where our clients do, so that we can better understand their issues and work closely alongside them.”

One Central Square, which extends to 136,000 sq ft, is asset managed by property advisory firm Knight Frank, who, through its Cardiff office, are also the letting agents.

After the decision of Motonovo to surrender its lease on 70,000 sq ft of space in the building, which is owned by Middle Eastern investors, One Central Square is now fully let again following a number of recent letting deals. As well as PwC, they include NatWest – which is taking a floor that was occupied by law firm Blake Morgan who will remain in the building – and fellow law firm Knights. Both are fitting out their respective new offices ahead of moving in. Other new tenants to recently move into the building include law firms Browne Jacobson and Lewis Silkin.

Head of the Cardiff office of Knight Frank, Matthew Phillips, said: “The letting success at One Central Square clearly demonstrates pent up demand for best in class city centre office buildings in Cardiff served by good amenities and close proximity to public transport links.”

The terms of the letting with PwC have not been disclosed.

The contract will run until 2037

A Swindon-headquartered newspaper and magazine wholesaler has signed a 10-year delivery deal with the publisher of the Sunday Times and the Sun.

Smiths News said the “transformational” long-term contract with News UK & Ireland would see it distribute the publisher’s titles across “all of Great Britain” from July 2027.

The contract, which is worth an extra £125m a year in revenue to the business, sets out certain conditions that will need to satisfied ahead of next year, Smiths News said, including expanding its national footprint.

“We are delighted to announce the extension and expansion of our partnership with News UK through to 2037,” said Smiths News chief executive, Jonathan Bunting.

“This deepens a relationship spanning more than 50 years, securing a reliable and sustainable national route to market for retailers and consumers – and enabling us to freeze delivery service charges for our retail customers for the life of the contract.”

Mr Bunting said the deal marked a “significant milestone” in securing “a sustainable future” for print news distribution.

“[It] reflects our shared commitment to supporting the industry for years to come,” he added.

Smiths News expects to incur one-off implementation costs during the 2027 financial year as it expands it footprint. The network growth will be delivered with existing cash resources and financing arrangement, the company said.

Further guidance on the financial effects of the contract will be provided by the board at the time of its preliminary financial results on November 4.

The board confirmed that it intends to maintain ordinary dividend guidance for the 2026 and 2027 financial years at or above the current consensus estimates of 5.2p per share.

The news comes four months after the UK pensions regulator (TPR) warned Smiths News is could face a financial claim over the underfunded pension scheme of collapsed firm Tuffnells Parcels Express.

TPR told Smiths News it was considering issuing a so-called financial support direction against the firm, which would give it the power to require financial backing for an underfunded pension scheme, even where there has been no wrongdoing.

Smiths News owned Tuffnells Parcels Express for nearly six years until May 2020, before Tuffnells called in administrators in June 2023, with its pension scheme left with a large deficit.