India's Kanyes Technology up as Nomura initiates coverage with 'buy'

Kaynes Technology India

12/09/2024 05:31

** Shares of electronic parts maker Kanyes Technology
 KAYN.NS  rise 7% to 4988 rupees
    ** Nomura starts coverage at "Buy" with TP of 5,969 rupees,
upside of ~29% from last close
    ** Co benefits from strong demand in auto sector, smart
meters, EVs, and rail signaling- Nomura
    ** Brokerages expects co's order book to grow from 50 bln
rupees in 1QFY25 to 110 bln rupees by FY27
    ** Adds, govt. support, global partnerships, supply chain
diversification from China provide long-term growth prospects
    ** KAYN rated "buy" on avg, median PT is 4,438.50 rupees -
LSEG data
    ** Stock rose ~90% YTD 


 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;))