Kaynes Technology Shares Surge 15% After Bagging Rs 3,750-Crore Project

Shares of Kaynes Technology India Ltd. hit an all-time high on Friday after it signed a Memorandum of Understanding with the Karnataka government for Rs 3,750 crore.

The project involves setting up a semiconductor assembly and testing facility and a printed circuit board manufacturing plant, through the company's step-down subsidiaries.

Shares of the company jumped 15.79%, before paring gains to trade 8.58% higher at 9:47 a.m. This compares to a 0.36% decline in the NSE Nifty 50.

The stock has risen 168.7% on a year-to-date basis. The total traded volume stood at 12 times its 30-day average. The relative strength index was at 76, implying that the stock may be overbought.

All seven analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 5.5%