Cyient Ltd’s shares jumped nearly 7% after the company announced that it has partnered with a leading Japanese company for Advanced Air Mobility. 

Cyient Ltd’s shares hit an intraday high of Rs 2,299.00, up 6.8% from its last closing price on the National Stock Exchange (NSE). The stock closed 5.84% higher at Rs 2,277.00.

In a regulatory filing, the engineering and technology solutions provider said that it has entered into a memorandum of understanding with SkyDrive Inc., a Japanese eVTOL aircraft manufacturer, to work in partnership across product development, engineering, manufacturing, and digital services.

Cyient Ltd added that Urban Air Mobility (UAM) offers seamless and rapid transportation of goods inter and intra-cities. The UAM aircraft market is expected to grow to around $25-30 billion by 2030.