The shares of Kaynes Technology India saw a significant increase of over 6 percent on December 11, following a recent decline. This surge brought the stock price to Rs 4,129 per share on Thursday, with gains recorded in only two out of six consecutive sessions.
Despite the recent rebound, the company's shares have fallen by around 40 percent in just one month. This decline was partly due to concerns raised by Kotak Institutional Equities over inconsistencies in the company's related-party disclosures.
ICICI Direct has stated that these issues are related to disclosure discrepancies and do not indicate any fraudulent intent. As a result, the company's growth story remains intact. However, the brokerage firm emphasizes the need for improved transparency and consistency in the company's reporting practices.
Other brokerages, such as Prabhudas Lilladher and Macquarie, have maintained their positive outlook on the stock, with target prices of Rs 5,624 and Rs 7,700 per share, respectively. This implies an upside potential of nearly 45 percent and 98 percent from the stock's previous closing price.
The stock has emerged as the cheapest in JPMorgan's coverage after the sharp decline. Nomura has maintained its 'Buy' rating on Kaynes Tech, but reduced its target price to Rs 5,454. Kotak Securities, on the other hand, has maintained its 'Reduce' rating and reduced its target price to Rs 4,150.
The company's shares have fallen by around 27 percent in the past six months and are down over 46 percent in 2025 so far. However, the stock has rallied over 447 percent in the past five years, with a current P/E ratio of over 82.
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