Cyan sizzles on Tata contract win in Mumbai

Shares in Cyan, the developer of smart utility meters and lighting controls, have sparkled after its technology received a major contract boost in India. A consortium that will employ Cyan's CyLec advanced metering infrastructure (AMI) solution has been selected by Tata Power Mumbai for a sizeable deployment in the subcontinent.The initial contract is for the deployment of 5,000 consumer meters in a district in Mumbai set to go live in early 2015. Tata has approximately 400,000 retail customers in Mumbai.Cyan has received an order from the consortium's leader, engineer Larsen & Toubro, to provide a complete AMI solution that will include onsite software installation services and an annual software maintenance. Cyan's shares were 27.12% higher to 0.38p at 11:00 on Tuesday. OH