Rs 3,750 crore project: This multibagger small-cap company signs MoU with Government of Karnataka; scrip hit 52-week high!
The stock gave multibagger returns of 120 per cent in just 6 months and over 170 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 entered into an MoU, with The Government of Karnataka (Electronics, IT and BT Department) for an investment of Rs 3,750 crore to set up semiconductor assembly & testing (OSAT) facility and printed circuit board (PCB) manufacturing plant through its step-down subsidiaries.
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.
On Friday, shares of Kaynes Technology jumped 14.18 per cent to make a new 52-week high of Rs 2,122.85 per share being one of the Top Gainers on BSE. At the closing bell, shares of the company were trading at Rs 1,984.75 per share, up 6.75 per cent with a spurt in volume by more than 1.83 times on BSE.
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The stock gave multibagger returns of 120 per cent in just 6 months and over 170 per cent in 1 year. Investors should keep an eye on this Mid-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.