Kaynes Technology India Ltd. will build the Kayne Center, which will be part of an education and science and technology venture, according to Chief Financial Officer Jairam Sampath.
Earlier on June 5, the promoter of Mysuru-based Kaynes Technology India sold a 1.8% stake of Rs 624 through an open market transaction.
According to bulk trading data, promoter Ramesh Kunhikannan sold 625,000 shares of Kaynes Technology India on the NSE and offloaded Kaynes 5 Lakh shares on the BSE. After the latest trading, Kunhikannan’s Kaynes Technology India stock fell from 57.71% to 55.91%.
“Whatever is sold in this small block deal, all that money goes to Cainz Tech Center, which is part of a professional, part-time social venture,” Sunpass told NDTV’s Profits.
“The centre will be built in Mysore. We have started working on this. “This will also help develop the technology aspirations of people nearby.”
Kaynes Technology has a strong order book and has also seen an increase in order inflows. “This year, we’d be doing about 4,350 crores without the acquisition company, which is Canada-based electronics in August,” he said.
“We’ve also seen an increase in profitability guidance. We’ll reach an EBITDA of 15.6% this year. Most orders are visible to us, so we can give you a pretty good estimate,” Sampath said.
Kaynes Tech’s shares fell 1.25% at Rs 5,660, respectively, compared to a 0.4% advance of the benchmark NSE Nifty 50. It has increased by 67.31% over the past 12 months and a 23.77% decrease on an annual basis.
Nine of the 24 analysts tracking the company have a “buy” rating on their stock, five recommend “hold” and five suggest “selling,” according to Bloomberg data. The average price target for analysts over a 12-month average means a potential upside of 9.2%.
