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.

Also read: Sensex rises over 250 points, Nifty above 24,000 as Dalal Street extends gains for 4th session. What lies ahead?

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.

Also read: Brigade Enterprises shares rally 10% after bonus issue. Here’s why you can ignore the 22% plunge

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

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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.

Despite a barrage of global headlines, volatile sentiment and persistent foreign investor selling, Atul Suri from Marathon Trends believes Indian equities may be quietly laying the foundation for their next move higher.

Speaking to ET Now, Suri argued that while the narrative around India remains subdued and investor sentiment continues to be cautious, market behaviour itself is sending a more constructive signal.

Markets Holding Ground Despite Negative Sentiment
According to Suri, one of the most encouraging signs is that Indian markets have stopped making fresh lows despite facing a steady stream of negative news.”One thing that I am noticing is that the market is not making new lows.”

He pointed out that after falling to around 22,000 in March, the benchmark index rebounded to 24,500 before settling near 24,000. In his view, this suggests the market is attempting to build a base rather than entering a deeper correction.
Suri identified 24,500 on the Nifty as a crucial level.
“For me, the level that I will watch out for, where a breakout would actually tell me that we could make a move towards new lifetime highs, would be 24,500.”
A breakout above that mark, he believes, could pave the way for a move towards 26,500 and potentially fresh record highs.

Falling Crude Adds to Market Comfort
A major factor supporting his outlook is the decline in crude oil prices.

Suri noted that crude had been one of the biggest concerns for the Indian market, but prices are now easing rapidly. He expects crude to settle in the $65-$70 range, levels that prevailed when Indian equities were nearing record highs.

Combined with supportive measures from the Reserve Bank of India and improving currency dynamics, he sees enough triggers in place for markets to regain momentum.

Banking Stocks Emerging as Leaders
When asked where the next leg of market strength could come from, Suri was unequivocal: banks.

He highlighted the strong performance of the Bank Nifty, which is already close to breaking past its previous highs.

“I can clearly see leadership in banks.”

Given the sector’s heavy weightage in benchmark indices, a sustained rally in banking stocks could have a significant impact on the broader market.

He also observed that the information technology sector appears to be stabilising after an extended correction.

“They are not making new 52-week lows. They are forming a base.”

The Hidden Theme: Data Centre Infrastructure
While benchmark indices have struggled to generate excitement, Suri believes several niche themes are quietly creating wealth beneath the surface.

One area that particularly stands out is the ecosystem surrounding data centres.

India may not have direct exposure to global artificial intelligence leaders or large language model developers, but companies supplying critical infrastructure to data centres are seeing growing demand.

“Companies that are suppliers to data centres, you will notice that a lot of those stocks are moving higher.”

These opportunities are largely concentrated in the midcap segment, which helps explain why midcap indices continue to outperform larger benchmarks.

Suri pointed to sectors such as wires and cables, cooling systems and electronic manufacturing as beneficiaries of this trend.

“There is a concept, there is a theme and that is how it is playing out.”

Midcaps Tell a Different Story
The divergence between large-cap and mid-cap performance remains one of the defining features of the current market.

According to Suri, many established large-cap companies are delivering only modest earnings growth, while a number of mid-sized businesses are undergoing transformational journeys.

“There is a lot of good-to-great journey that is happening in the Indian midcap space.”

This, he says, explains why the midcap index is behaving very differently from the broader benchmark indices.

Industrial Metals Preferred Over Gold and Silver
Suri also weighed in on commodities, suggesting that investors may be looking in the wrong place.

After the sharp rally in precious metals over the past year, he believes gold and silver may struggle to generate substantial upside from current levels.

“I personally do not think that silver and gold can make massive up moves.”

Instead, he remains bullish on industrial metals such as copper, zinc and aluminium, which are expected to benefit from global electrification trends and infrastructure spending linked to artificial intelligence and data centre expansion.

“I feel very-very bullish on these industrial metals.”

Liquidity Remains Strong Despite FII Uncertainty
Foreign institutional investor flows remain the biggest unanswered question for the market.

Suri admitted that investors and market participants continue to debate the reasons behind FII underweight positions in India, with explanations ranging from valuations and China to the global AI investment boom.

However, he believes domestic flows remain a powerful source of stability. While growth in SIP inflows has moderated, the trend has not reversed. “It has kind of plateaued out, which also is very good because that is not crisis.”

Narratives Can Change Quickly
Perhaps Suri’s strongest message was that market narratives are often temporary.

He cited examples such as Japan, South Korea and Taiwan, all of which were once ignored by investors before rapidly becoming market favourites. “The narrative is against India.” Yet he believes that can change much faster than investors expect.

“Money chases momentum. The moment you start seeing momentum in India, suddenly all the same guys who are underweighting India for all multiple reasons will say we bought at the low.”

For now, Suri sees a market lacking excitement rather than one lacking opportunity. While benchmark indices remain trapped in a range, leadership is emerging in banks, select midcaps and infrastructure plays tied to the AI and data centre build-out. If the Nifty can decisively clear 24,500, he believes the next chapter of the bull market could begin sooner than many expect.

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.