India's Kaynes Tech slips as JP Morgan warns against bottom fishing

Kaynes Technology India

05/12/2025 08:20

Updates

** Kaynes Technology India KAYN.NS slips 8.5% to eight-month low of 4,556.5 rupees; top loser on Nifty 500 .NIFTY500

** J.P. Morgan warns against bottom fishing in integrated electronics manufacturer's stock

** Earlier this week, Kotak Institutional Equities pointed to co's ambiguous goodwill recognition and inconsistent related party transactions, charges that KAYN has rejected

** Stock down ~16% since the report

** "Once a darling of the market, the stock is now facing balance sheet and cash flow concerns," says J.P. Morgan

** Adds, company needs to deliver on cash flows in Q3, Q4 for sentiment to turn positive

** Stock rated "buy" on average; median PT is 6,630 rupees, per data compiled by LSEG

** YTD, KAYN falls 38.5%

 (Reporting by Vivek Kumar M)

 ((vivekkumar.m@thomsonreuters.com))