Kaynes Technology rises 14% after signing Rs 3,750 crore deal with Karnataka government

The MoU is for an investment of Rs 3,750 crore to set up a Semiconductor Assembly and Testing (OSAT) facility and Printed Circuit Board (PCB) manufacturing plant through its subsidiaries.

Kaynes Technology The share price rose 14 per cent to a 52-week high of Rs 2,122.85 in early trade on August 25 after the company signed a memorandum of understanding (MoU) with the Karnataka government.

The MoU with the Department of Electronics and IT is for an investment of Rs 3,750 crore to set up a semiconductor assembly and test facility and printed circuit board (PCB) manufacturing plant through its step-down subsidiaries.

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Kaynes Semicon Pvt Ltd will lead the setting up of the semiconductor assembly and test facility, while Kaynes Circuits India Pvt Ltd will set up a PCB plant for complex multilayer boards.

In the June quarter, the company’s Q1FY24 net profit grew 134.28 per cent to Rs 24.6 crore and revenue grew 49 per cent to Rs 297.18 crore.