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Cyient has entered into a definitive agreement to acquire 100% stake in Tao Digital Solutions Inc., a company incorporated in USA, subject to customary closing conditions. The acquisition includes cash consideration, including upfront payment and performance-linked earnout. The transaction implies an enterprise value of US$ 218 million, i.e., ~9.5x CY27E EBITDA, excluding management incentives, and retention schemes. The deal is expected to close on or before 30 September 2026.
Tao Digital Solutions Inc. is a global digital engineering firm focused on data, product, and AI-led services, with strengths in data platforms, AI-enabled solutions, and cloud services.
Cyient Semiconductors today announced a strategic financing transaction with funds managed by EAAA India Alternatives (Edelweiss) and affiliated co-investors. The transaction includes an equity investment of approximately USD 10 Mn (Rs 100 crore) at a post-money equity valuation of USD ~500 Mn (Rs 4600 crore), alongside structured debt capital, enabling the company to strengthen its capital structure and support the continued scale-up of its global semiconductor business. The transaction is subject to definitive agreements and customary closing conditions.
The equity investment is alongside a USD 20 Mn in structured debt designed to support long-duration growth.
The combined ~ USD 30 Mn will be deployed across three strategic priorities: advancing the company's product R&D roadmap across custom power semiconductors and custom ASSP's; building in-house semiconductor validation and testing infrastructure in India to strengthen development and qualification capabilities; and supporting working capital requirements as Cyient Semiconductors scales larger, longer-cycle global customer programs.
Cyient Semiconductors launched seven new gallium nitride (GaN) power devices for the Indian market, developed using Navitas Semiconductor's (Nasdaq: NVTS) industry leading GaN technology.
The launch marks Cyient Semiconductors' first commercial GaN product family and a major milestone in advancing India's domestic power semiconductor ecosystem. The new portfolio is designed to address the rapidly growing demand for high-efficiency, high-power-density solutions across AI data centers, telecommunications, consumer fast charging, industrial power systems, and e-mobility platforms.
Building on the strategic collaboration announced in December 2025, the partnership enables customers in India to access commercially available GaN power solutions with enhanced local support, supply assurance, and alignment with emerging domestic sourcing initiatives.
Under the agreement, Cyient Semiconductors will license Navitas's proven GaN technology for use in India, accelerating the adoption of high-performance GaN solutions across a broad range of markets. In addition, Cyient Semiconductors will serve as a second source for select Navitas GaN devices already in mass production and strengthening supply chain resilience.
Compared to traditional silicon devices, GaN power semiconductors enable significantly higher switching speeds, lower conduction losses, and improved thermal efficiency. These advantages allow system designers to reduce power losses, shrink solution size, simplify thermal management, and increase overall system performance.
Cyient Semiconductors' initial GaN portfolio targets power applications up to 650 V, including consumer USB-PD chargers, laptop and mobile adapters; AC-DC power supplies; AI data center and telecommunications power systems; and e-mobility charging platforms.
Looking ahead, Cyient Semiconductors plans to expand its GaN portfolio through partnerships with local OSATs. Over time, the licensing agreement with Navitas Semiconductor is expected to enable the domestic manufacturing of GaN power devices in India.
Realty, FMCG shares advanced while IT, media and metal shares declined.
At 09:25 IST, the barometer index, the S&P BSE Sensex declined 398.93 points or 0.51% to 77,265.07. The Nifty 50 index fell 72.50 points or 0.30% to 24,100.55.
In the broader market, the BSE 150 MidCap Index dropped 0.02% and the BSE 250 SmallCap Index fell 0.36%.
The market breadth was negative. On the BSE, 1,301 shares rose and 1,721 shares fell. A total of 166 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.65% to 18.90.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,254.71 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 941.35 crore in the Indian equity market on 23 April 2026, provisional data showed.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.39% to 6.950 compared with previous session close of 6.951.
In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 94.2400 compared with its close of 94.0150 during the previous trading session.
MCX Gold futures for 5 June 2026 settlement declined 0.25% to Rs 152,380.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 98.88.
The United States 10-year bond yield advanced 0.12% to 4.330.
In the commodities market, Brent crude for June 2026 settlement jumped 78 cents or 0.74% to $105.85 a barrel.
Stocks in Spotlight:
Infosys declined 2.58%. The company reported a 27.75% increase in consolidated net profit to Rs 8,501 crore on a 2.02% rise in revenue from operations to Rs 46,402 crore in Q4 FY26 compared with Q3 FY26. On a year-on-year (YoY) basis, the company's net profit jumped 20.9%, while revenue increased 13.4% in Q4 FY26.
Cyient rose 0.89%. The company reported a 64.9% year-on-year decline in consolidated net profit to Rs 65.5 crore despite a 0.92% increase in revenue from operations to Rs 1,926.9 crore in Q4 FY26 over Q4 FY25.
Tata Capital rose 0.31%. The company reported an 80.6% year-on-year surge in consolidated net profit to Rs 1,182.6 crore on a 17.4% increase in net interest income to Rs 2652.2 crore in Q4 FY26 over Q4 FY25.
Global Market:
Asia markets traded mixed as investors remained cautious despite a three-week extension of the Israel-Lebanon ceasefire, underscoring lingering geopolitical uncertainty.
Israel and Lebanon agreed to extend their ceasefire by three weeks following a meeting in the White House with top U.S. officials, President Donald Trump said Thursday.
The temporary truce, originally set to expire after 10 days, will now provide additional time for diplomatic efforts, with Washington also pledging to work with Lebanon to strengthen its defenses against Hezbollah.
Japan’s core inflation in Japan accelerated for the first time in five months, rising to 1.8% in March, with Iran war fueling energy worries. Government data showed the inflation figure, which strips out prices of fresh food, was in line with the 1.8% estimate that was widely reported in the media and was higher than the 1.6% seen in February.
Overnight in the U.S., stocks pulled back on Thursday, led by a drop in software shares and higher oil prices, as investor uncertainty about the trajectory of the Iran war weighed on markets.
The S&P 500 traded down 0.41% to close at 7,108.40, after earlier hitting a new all-time intraday high. The tech-heavy Nasdaq Composite declined 0.89% to finish at 24,438.50. It had also scored a new all-time high in the session. The Dow Jones Industrial Average lost 179.71 points, or 0.36%, to finish at 49,310.32.
For the full year,net profit declined 30.50% to Rs 427.90 crore in the year ended March 2026 as against Rs 615.70 crore during the previous year ended March 2025. Sales declined 1.25% to Rs 7268.20 crore in the year ended March 2026 as against Rs 7360.40 crore during the previous year ended March 2025.