Kaynes Technology India hits record high; spurts 19% in four days

Shares of the electronics manufactured company soared 19.34% in four trading sessions from its previous closing low of Rs 4,276.20 on 9 August 2024.

The stock hit an all-time high of Rs 5,209.50 today. The counter has zoomed 198.31% from its 52-week low of Rs 1,710.70 hit on 16 August 2023.

On the BSE, 17,485 shares were traded in the counter so far compared with average daily volumes of 17,511 shares in the past two weeks. The stock hit a high of Rs 5209.5 and a low of Rs 4815.3 so far during the day.

The stock hit a 52-week high of Rs 5,209.5 on 16 August 2024. The stock hit a 52-week low of Rs 1,710.7 on 16 Aug 2023.

The script had outperformed the market in past one month, gaining 22.62% as against 0.31% increase in the Sensex.

The counter had outperformed the market in past one quarter, jumping 30.93% as against Sensex's 4.05% increase.

The scrip had also outperformed the market in past one year, surging 196% as against Sensex's 22.73% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 76.987. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 4,056.40, 3,423.94 and 3,045.93, respectively. These levels will act as crucial support zones in near term.

Kaynes Technology India (KTI) is an end-to-end and Internet of Things (IoT) solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing (ESDM) services.

The company's consolidated net profit surged to Rs 50.77 crore in Q1 FY25 as compared with Rs 24.64 crore posted in Q1 FY24. Revenue from operations jumped 69.59% YoY to Rs 503.97 crore in Q1 FY25.