India's Kaynes Technology rises on government approval for semiconductor plant

Kaynes Technology India

03/09/2024 05:44

** Shares of electronic parts maker Kanyes Technology
 KAYN.NS  rise 6.2% to 4,949.9 rupees
    ** India's government approved proposal of co's unit to set
up semiconductor plant in Gujarat with investment of 33.07 bln
rupees ($394 mln)
    ** KAYN rated "buy" on avg, rival Honeywell Automation India
 HONE.NS  rated "hold" - LSEG data
    ** Over 1 mln shares traded so far, busiest day since July
29 when it reported a jump in Q1 earnings
    ** KAYN up ~90% YTD vs 36% climb in HONE
    ** Honeywell's stock is one of India's most expensive,
currently up 1.3% at 50,841.1 rupees

($1 = 83.9420 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))