India's Kaynes rises after management clarifies on related-party transactions

Kaynes Technology India

09/12/2025 06:25

** Shares of Kaynes Technology KAYN.NS rise as much as 7.54% to 4,094 rupees

** Management held analyst call on Monday to clear air around "ambiguous" accounting practices highlighted by Kotak Securities and Investec around non-disclosure of related party transactions from smart metering subsidiary Iskraemeco

** Management says that non-disclosure was an oversight, since Iskraemeco was customer and supplier until acquisition in H1FY25

** Macquarie ("outperform", PT 7700 rupees) says clarifications sound reasonable, notes that co needs strong cash flow generation and change of auditor to "restore confidence"

** JPMorgan ("overweight", PT 7550 rupees) expects improving receivables and net working capital to drive stock

** On avg, stock rated "buy", median PT 6470 rupees - data compiled by LSEG

** Stock down 48.67% YTD up to last close

 (Reporting by Abhirami G in Bengaluru)

 ((abhirami.g@thomsonreuters.com))