Cyient shares touched a 52-week high of Rs 979.20 in intraday trading on Wednesday in an otherwise weak market after the company announced a partnership with Thingtrax to help manufacturers increase efficiency and reduce costs. It rose by 3%. It was higher for the fourth straight day, surging 7.5%.

Shares of a consultancy-led, industry-focused global technology solutions company surpassed its previous high of Rs 964.45 on March 23, 2022. In contrast, the S&P BSE Sensex fell 1.4% to 59,847 at 2:43 pm.

Cyient said the collaboration would allow manufacturers to increase efficiency and reduce costs.

Thingtrax is a UK-based technology company that helps manufacturers reduce downtime and increase operational efficiency.

The company filing said the partnership would use AI-driven data to help global manufacturers improve manufacturing operations and encourage everyone to strive for better performance.

“I am pleased to announce the global partnership between Cyient and Thingtrax. This partnership increases Cyient’s digital E R&D focus and will help our global customers increase efficiency and reduce operating costs by delivering faster Machine connectivity, dynamic visual feedback and decision-making systems across organizational levels to improve their performance KPIs,” said Prabhakar Shetty, Chief Digital Officer at Cyient.

In Q3FY23, Cyient delivered a strong performance, with revenue up 12.7% QoQ, while order intake for the services business rose 83% QoQ to $237.1 million. The company also saw a 13.2% increase in EBITDA margin compared to the 10.1% reported in the September 2022 quarter.

Cyient shares have risen more than 10% in the last month.

The stock closed 2.14% at Rs 973.13 per share on the NSE on Wednesday, while its peers L&T and Zensar fell 1.04% and 2.23%, respectively.