Kaynes Tech rises on incorporating subsidiary in Karnataka

Kaynes Technology India advanced 2.14% to Rs 2,855 after the company incorporated a wholly owned subsidiary company (WOS) named 'Kaynes Mechatronics' (KMPL) on 16 February 2024.

KMPL is proposing to undertake operations in electronics industry primarily in Karnataka, India.

Ramesh Kunhikannan and Jairam P Sampath, the promoters and directors of the company are appointed as directors in KMPL and represent Kaynes Tech in or on the board of KMPL.

Kaynes Mechatronics is incorporated with a paid-up capital of Rs 1 lakh to carry on the business of manufacturers, traders, dealers, wholesalers, retailers, importers, and exporters of high precision machining, sheet metal fabrication, dies, moulds, tool, fixtures making, plastic injection.

KMPL will also carry out other moulding, design and manufacturing of all mechanical assemblies including electronic part, parts of electrical, automotive, appliance, aerospace, defence, testing of assemblies and sub assemblies etc.

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. Kaynes Technology reported 97.59% surge in consolidated net profit to Rs 45.19 crore on 76.17% jump in revenue from operations to Rs 509.29 crore in Q3 FY24 over Q3 FY23.

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