The proposed investment is expected to generate direct employment for over 2,000 people, the company stated

In an exchange filing, the company informed that it has entered into memorandum of understanding (MoU) with Government of Telangana (Information Technology, Electronics and Communications Department (ITE&C) for setting up of outsourced semiconductor assembly and testing (OSAT) and compound semiconductor manufacturing facility in the state of Telangana.

The facility will come up in Kongara Kalan, adjacent to the upcoming electronics manufacturing facility of Foxconn, it added.

Minister K T Rama Rao said, “The proposed investment by Kaynes will be a strategic investment for Telangana and shall further reinforce Telangana's position as an ideal destination for hosting the semiconductor ecosystem.”

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 zoomed 145.3% to Rs 24.65 crore on 49.1% jump in net sales to Rs 297.18 crore in Q1 FY24 over Q1 FY23.

The counter hits an all time high of Rs 2,954.20 in today's intraday sesssion, on the BSE.