Kaynes Technology Skyrockets 16% to Record High on Semiconductor Facility Deal

9 Oct 2023 , 02:45 PM

Kaynes Technology shares surged by 16%, reaching a new all-time high of Rs 2,954 per share on BSE on October 9 due to a recent memorandum of understanding (MoU) for an outsourced semiconductor assembly and testing (OSAT) and compound semiconductor manufacturing facility in Telangana.

In the current year, Kaynes Technology stock showed an impressive 293% increase, significantly outperforming the 7% rise in the S&P BSE Sensex. According to an October 6 exchange filing, Kaynes Technology’s new facility requires an investment of Rs 2,800 crore and is expected to generate direct employment for more than 2,000 individuals.

Savitha Ramesh, the Chairperson of the Board at Kaynes Technology, emphasized that the proposed facility will be a state-of-the-art plant featuring advanced technology and machinery, highlighting the critical role of semiconductors in modern computing devices and their growing importance in the global economy’s digital transformation.

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