In a regulatory filing, the firm stated, “The company entered into MoU with Government of Karnataka (Electronics, IT and BT Department) for an investment of Rs 3,750 crore to setup semiconductor assembly & testing (OSAT) facility and printed circuit board (PCB) manufacturing plant through its step down subsidiaries.”

Kaynes Semicon will lead the setup of an OSAT facility while Kaynes Circuits India will spearhead the establishment of a PCB manufacturing plant for producing complex multi-layered boards.

The firm said that this MoU will put Karnataka in the forefront of OSAT and PCB, which will help in creating 3,200 jobs by harnessing collective expertise.

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 all time high of Rs 2,122.85 intraday today, on the BSE.