Kaynes Technology India, Syrma SGS surge after Morgan Stanley’s ‘overweight’ rating

Morgan Stanley has assigned a target Price of Rs 2,440 a share for Kaynes Tech and Rs 671 for Syrma SGS

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Shares of electronics manufacturing services (EMS) companies Kaynes Technology India and Syrma SGS gained in morning trade on September 21 following a favourable rating initiation by brokerage firm Morgan Stanley.

At 10.37 am, Kaynes Technology India was trading at Rs 2,086 on the BSE, up 1.64 percent from the previous close. Syrma SGS Technology was up 4.74 percent at Rs 544.80.

The foreign brokerage firm initiated “overweight” ratings for these two companies and assigned a target price of Rs 2,440 a share for Kaynes Tech and Rs 671 for Syrma SGS.

Morgan Stanley’s rationale for these ratings stems from the transformation of global supply chains, leading to substantial shifts in the technology sector.

The brokerage firm sees India’s increasing potential in the electronic manufacturing landscape, forecasting a 21 percent compound annual growth rate (CAGR) in revenue from FY22 to FY32, ultimately reaching $604 billion by FY32.

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Kaynes Technology is a prominent end-to-end electronics manufacturing company specialising in Internet of Things (IoT) solutions.

The company offers a range of services, including conceptual design, process engineering, integrated manufacturing, and life-cycle support for various industries, including automotive, industrial, aerospace and defence, nuclear, medical, IoT and more.

Based in Chennai, Syrma SGS Technology Limited is an engineering and design company engaged in electronics manufacturing services. It provides integrated services and solutions to original equipment manufacturers, guiding them from the initial product concept stage to volume production through concept co-creation and product realisation.

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