Shares of Kaynes Technology India Ltd rose 2% to touch a day’s high of Rs 6,515 on 5th August after the company announced that its wholly owned subsidiary, Kaynes Circuits India Private Limited, has signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu for a proposed investment of approximately Rs 4,995 crore over the next six years.

The investment will be used to establish new manufacturing facilities, including greenfield projects and capacity expansions, in the state of Tamil Nadu. The MoU will facilitate discussions on financial incentives, industrial policies, and support packages from the state government, including subsidies and other benefits.

The Tamil Nadu government, through its nodal agency, Guidance, has agreed to provide infrastructure support and obtain the necessary regulatory clearances per applicable laws. The MoU is a statement of mutual intent and is not legally binding.

Kaynes Technology India’s First Quarter Results

Kaynes Technology’s net profit in Q1 jumped 47% year-over-year to Rs 74.6 crore from Rs 50.8 crore. EBITDA rose 68% to Rs 113 crore, while margins improved to 16.7% from 13.3% last year. Revenue grew 33.6% to Rs 673.4 crore.

At 11:11 AM, the shares of Kaynes Technology were trading 2.22% higher at Rs 6,436.50 on NSE.

Wondering About Kaynes Tech? The Analyst Has Answers.

Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!