Heavy buying witnessed: This stock zoomed 19 per cent to trade on new 52-week high!

Since its IPO in November 22, 2022, the stock has witnessed significant buying activity, witnessing a surge of more than 68 per cent

On Wednesday, shares of Kaynes Technology India zoomed more than 19 per cent to trade on intraday high and new 52 week high of Rs 1190 apiece on BSE. The scrip witnessed massive spurt in volume by more than 10 times.   

In Q4FY23, the company’s revenue surged more than 53 per cent from last year’s same quarter to Rs 364.6 crore. The EBITDA level of the company stood at Rs 59.4 crore, witnessing a jump of more than 48 per cent from March 2022 quarter. The net profit of the company shot up by more than 108 per cent from corresponding quarter last year to Rs 41.3 crore. The company’s order book stood at Rs 2648.2 crore in F23, increasing by whopping 74 per cent from FY22’s order book which was Rs 1516.6 crore.   

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Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defense, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology and other segments.  

Since its IPO in November 22, 2022, the stock has witnessed significant buying activity, witnessing a surge of more than 68 per cent. Keep a close eye on this trending stock.