Kaynes Tech stock rallies 16%, hits all-time high on MoU with Telangana govt

So far this year, the stock of Kaynes Technology skyrocketed 293 percent, as against 7 percent rise in the S&P BSE Sensex

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Shares of Kaynes Technology rallied 16 percent to touch a fresh lifetime high of Rs 2,954 per share on the BSE on October 9 after the company entered into a memorandum of understanding (MoU) for setting up an outsourced semiconductor assembly and testing (OSAT) and compound semi-conductor manufacturing facility in Telangana.

The S&P BSE Sensex was down 304 points or 0.4 percent to 65,691 levels, as of 11:35 am.

So far this year, the stock of Kaynes Technology skyrocketed 293 percent, as against 7 percent rise in the S&P BSE Sensex.

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In an exchange filing dated October 6, the company said that the proposed facility by Kaynes Technology will entail an investment of Rs 2,800 crore, which will create direct employment for over 2,000 people.

“The proposed facility will be a world-class plant with state-of-the-art technology and machinery. Semiconductors are the foundation for modern computing devices and are playing an increasingly pivotal role in driving the global economy as the world moves towards greater adoption of digital technologies,” said Savitha Ramesh, Chairperson of the Board, Kaynes Technology.

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Analysts at Morgan Stanley, in a recent note, initiated an ‘overweight’ call on Kaynes Technology, owing to its strong manufacturing foothold and end-to-end electronic manufacturing services (EMS) capabilities.

“Kaynes has the best margins amongst its peers, as well as a longstanding and strong client base. It has strong diversification within the EMS business and is looking to backward-integrate (PCB manufacturing). We believe Kaynes is well placed to benefit from the strong underlying growth in B2B electronic manufacturing segments, diversified business models and tie-ups with marquee clients across key segments,” the global brokerage firm added.

That said, analysts forecasted respective revenue, earnings before interest, tax, depreciation, and amortisation (Ebitda) and net profit compounded annual growth rates (CAGRs) of 36/37/39 percent over F23-28E for Kaynes Technology, driven by strong growth across key verticals such as autos, industrial, and railways.

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