Kaynes Technology India hits record high after chip plant deal with Telangana state

Kaynes Technology India

09/10/2023 06:23

** Shares of Kaynes Technology India  KAYN.NS  rise as much
as 16.3% to a record 2,965.6 rupees    
    ** Co reported on Friday it entered an agreement with
Government Of Telangana to invest 28 bln rupees ($336.4 million)
to set up an outsourced semiconductor assembly, testing, and
manufacturing facility
    ** Stock on track for third consecutive session of gains, if
trends hold
    ** Nearly 332,000 shares change hands by 10:30 a.m. IST,
1.3x 30-day avg of 249,066 shares
    ** Analysts covering the stock on average have a "buy"
rating; median PT is 2,251  rupees - LSEG data
    ** Stock up ~53% in Sept-qtr


($1 = 83.2275 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))