Kaynes up 14%, hits record high on Rs. 3,750 crore MoU with Karnataka Govt.

Shares Kaynes Technology zoomed 14 per cent to hit a record high of Rs. 2,122.85 per share on the BSE in Friday’s intra-day trade after it signed agreement with Government of Karnataka for an investment of Rs. 3,750 crore.

Kaynes will setup Semiconductor Assembly & Testing (OSAT) facility and Printed Circuit Board (PCB) manufacturing plant through its step down subsidiaries. The stock has surpassed its previous high of Rs 1,908.65 touched on July 26.

In an exchange filing, Kaynes Technology said Kaynes Semicon Private Limited will lead the setup of a Semiconductor Assembly & Testing (OSAT) facility and Kaynes Circuits India Private Limited will spearhead the establishment of a Printed Circuit Board (PCB) manufacturing plant for producing complex multi-layered boards.

The MoU with Kaynes will put Karnataka in the forefront of OSAT and PCB with an investment of Rs. 3,750 crore. The agreement will help in creating 3,200 jobs by harnessing collective expertise, meet pressing demands, and make Karnataka as a hub for cutting-edge semiconductor manufacturing.

BS