Business Today
Shares of Kaynes Technology resumed their losing run on Wednesday. A day after closing 15% higher, the stock slipped 6% to Rs 4076 in the current session. Market cap of Kaynes Technology fell to Rs 27,386 crore. The stock has lost 46% this year and fallen 36% in a year. Advertisement
Total 6.20 lakh shares of the firm changed hands amounting to a high turnover of Rs 263 crore.
The stock had gained 40% in four sessions till Monday this week. The correction in the stock came after global brokerage Nomura cut price target to Rs 5,455 (from Rs 8,478) on 35x FY28F EPS, discounted to Dec-27F.
According to the brokerage, cash flow improvement remains a key monitorable; ex-smart meter growth recovery could serve as a catalyst. It maintained a buy call on the stock.
Kotak Securities also cut
Los Angeles Times Business