Kaynes Technology India surges on strong Q4 earnings

Kaynes Technology India

17/05/2024 06:21

** Shares of integrated electronics manufacturer Kaynes
Technology India  KAYN.NS  rise as much as 14.9% to 2,950
rupees, last up 12.5%
    ** Co reports nearly doubled Q4 profit; revenue up ~75%
        ** Investec says it finds results slightly ahead of
estimates
  
        ** Adds ramp up of vols from Mahindra and Mahindra
 MAHM.NS  and new client additions likely aided rev growth
  
    ** Busiest day for the stock since early April with vols
above 450,000 shares; 30-day avg is ~145,400 shares
    ** Avg rating of 17 brokers is a 'buy;' median PT is 2,950
rupees - LSEG data
    ** Stock up 11% YTD, after rising more than 3x in 2023

($1 = 83.4850 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))