Kaynes Technology India jumped 5.20% to Rs 4899 after the company informed that the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of Kaynes Semicon to setup a semiconductor unit in Sanand, Gujarat.
Kaynes Semicon Private Limited is a wholly owned subsidiary of Kaynes Technology India. The proposed unit will be setup with an investment of Rs 3,300 crore. The capacity of this unit will be 60 lakh chips per day.
The chips produced in this unit will cater to a wide variety of applications which include segments such as industrial, automotive, electric vehicles, consumer electronics, telecom, mobile phones, etc.
The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India was notified on 21 December 2021 with a total outlay of Rs. 76,000 crore.
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 companys 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.
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