A US-based fund, Smallcap World Fund, has purchased a 0.66% stake in Kaynes Technology India, an IoT solutions and integrated electronics manufacturing company. The investment was made through open market transactions on December 12.
The company's stock has seen a 5.54% increase on Friday, following a 3.88% rally in the previous session. However, the stock had previously lost over 50% of its value from its October high due to governance and accounting concerns raised by Kotak Institutional Equities.
Despite these concerns, other brokerages such as ICICI Direct and Prabhudas Lilladher remain bullish on the stock, believing that the issues will not have a significant financial impact on the company. Macquarie has also maintained its outperform rating on Kaynes Tech shares.
The Smallcap World Fund acquired 4.46 lakh shares of Kaynes Technology, equivalent to a 0.66% stake, for Rs 188 crore at Rs 4,206.38 per share.
Meanwhile, Usha Martin saw an exchange of 0.75% of its shares via block deals. The stock rallied 2.57% to Rs 440.6 on the NSE.
3P India Equity Fund, Bandhan Mutual Fund, and Morgan Stanley acquired 23 lakh shares (0.75% stake) in Usha Martin from Peterhouse Investments India, the promoter group entity, for Rs 98.9 crore at Rs 430 per share.
These investments demonstrate the confidence of investors in Kaynes Technology and Usha Martin, despite recent challenges. The electronics manufacturing and IoT solutions sectors continue to attract attention from investors, with small cap investing and block deals playing a significant role in shaping the market trends.
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