Kaynes Technology hits 52-week high after the company signed a MoU with the Karnataka government

After the company signed a memorandum of understanding (MoU) with the Karnataka government, Kaynes Technology's share price increased 14% in early trade to reach a 52-week high of Rs 2,122.85.

In accordance with the MoU with the electronics and IT department, an investment of Rs 3,750 crore would be made to establish a semiconductor assembly and testing facility and a printed circuit board (PCB) manufacturing factory through its step-down subsidiaries.

While Kaynes Circuits India Private Limited will build a PCB factory for complex multi-layered boards, Kaynes Semicon Private Limited will take the lead in setting up the semiconductor assembly and testing facilities.

Source: Media Reports