Rs 3,000 crore order book & Rs 2,800 crore project: This electronics manufacturing company signs MoU with Government of Telangana; scrip hit 52-week high!
The stock gave multibagger returns of 165 per cent in just 6 months and over 250 per cent in 1 year.
Kaynes Technology Ltd, a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company; informed that the company is in a landmark moment in India’s Semiconductor Mission, Telangana is set to host Semiconductor OSAT and Compound Semiconductor facility by Kaynes Technology. The proposed facility by Kaynes Technology will entail an investment of Rs 2,800 crore and will create direct employment for over 2,000 people.
Kaynes Technology India Limited, a 3 decades old company, is a homegrown player in the Electronics Contract Manufacturing Services segment with a global footprint. Kaynes Technology is venturing into OSAT/ ATMP services under its subsidiary Kaynes Semicon. Kaynes Semicon will support customers worldwide in QFN, SOT, TO, BGA and FC BGA kind of packages in the first 3 years for power devices. Kaynes Semicon is also setting up a state-of-the-art R&D centre for package research in collaboration with IIT Bombay.
On Friday, shares of Kaynes Technology jumped 3.16 per cent to make a new 52-week high of Rs 2,572.45 per share being one of the Top Gainers on BSE. At the closing bell, shares of the company were trading at Rs 2,549.25 per share, up 2.23 per cent. In the recent trading sessions, the stock has been hitting back-to-back 52-week highs.
Earlier, the company announced its Quarterly Results wherein the net sales increased by 49.14 per cent to Rs 297.18 crore and the net profit skyrocketed by 145.36 per cent to Rs 24.65 crore in Q1FY24 compared to Q1FY23. Additionally, the company's order book stood as of June 30, 2023, the order book has grown to Rs 3,000.40 crore. This represents a growth of 13.30 per cent over the three-month period.
According to the annual results, the net sales increased by 59.45 per cent to Rs 1,126.11 crore and net profit skyrocketed by 128.42 per cent to Rs 95.20 crore in FY23 compared to FY22. The company has a market cap of over Rs 11,000 crore.
The stock gave multibagger returns of 165 per cent in just 6 months and over 250 per cent in 1 year. Investors should keep an eye on this Mid-Cap stock.
DSIJ offers a service 'Mid Bridge' with recommendations for mid-cap stocks based on research and analysis to help subscribers make informed investment decisions. If this interests you, then do download the service details pdf here
Disclaimer: The article is for informational purposes only and not investment advice.