Kaynes Technology shares rally 9% after Union Cabinet gives green light to semiconductor unit
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Shares of Kaynes Technology on Tuesday rallied 8.5% to its day’s high of Rs 5,052.25 after the company announced that Kaynes Semicon, a wholly owned subsidiary of the company received approval from the Union Cabinet for setting up an Outsourced Semiconductor Assembly and Test (OSAT) facility in Sanand, Gujarat. “We wish to inform you that Union Cabinet chaired by Honourable Prime Minister of India, Shri Narendra Modi approved the proposal of Kaynes Semicon Private Limited, a wholly owned subsidiary of Kaynes Technology India Limited, to set up a semiconductor unit at Sanand, Gujarat through its press release dated 02nd September, 2024,” the company said in a filing to the exchanges. Mysuru-based Kaynes Semicon became the fourth company in the country to receive an OSAT approval. The investment for the project is expected to be around Rs. 3,307 crore and the capacity of this unit will be 63 lakh chips per day. The chips produced in this un...